Areas where housing prices surged during the coronavirus pandemic are especially vulnerable to a potential housing downturn if a recession takes hold in the U.S., according to a Redfin report released this week. The latest:
Federal Reserve Chairman Jerome Powell said he does not think the United States is in a recession.
He also noted that economic growth is expected to slow this year after high growth during the post-COVID reopening period in 2021.Federal Reserve Board Chairman Jerome Powell speaks during a news conference in Washington, DC, on July 27, 2022. - The US Federal Reserve on July 27 again raised the benchmark interest rate by three-quarters of a percentage point in its ongoing battle to tamp down raging price pressures that are squeezing American families.
A statement released by the Federal Reserve earlier Wednesday said the FOMC"anticipates that ongoing increases in the target range will be appropriate." Powell also mentioned this possibility during a Wednesday afternoon press conference. Inflation"remains elevated," the Federal Reserve said, a result of supply chain strains during the pandemic and high prices of food, gas and energy.
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