Biden stated that he doesn't agree there will be a slump; if so, it will be 'very little'

Biden stated that he doesn't agree there will be a slump; if so, it will be 'very little'

October 13, 2022: -President Joe Biden said he doesn’t believe there will be a recession shortly, and if there is, he expects a “slight” economic dip.

“Every six months, they say this. All six months, they look down the coming six months and say what’s going to happen,” Biden stated in an interview with Jake Tapper on CNN that was out on Tuesday, referring to recent economic projections by central U.S. banks.

“It hadn’t occurred yet. It hadn’t. I don’t agree there will be a recession. If it is, it’ll be a minor recession. That is, we’ll move down slightly.”

On Monday, JPMorgan Chase CEO Jamie Dimon warned of the likelihood of a recession in six to nine months.

In an interview, Dimon gave caution of a “very, very serious” mix of headwinds that could tip the U.S. and global economy into recession by the middle of next year.

The concerns come as the Federal Reserve raises interest rates aggressively to reduce inflation. This month, the U.S. central bank raised benchmark interest rates by three-quarters of a percentage point, which was the Fed’s third consecutive hike.

Biden didn’t entirely discount the odds of a recession but told CNN the odds were low. “It’s possible,” Biden said. “I don’t expect,” Biden added.

The president praised the U.S. has “real problems” but credited legislation passed under his administration, such as the Inflation Reduction Act, with putting the U.S in “a better position than any of the other major countries in the world economically and politically.”

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