Fed's Charles Evans says US economy is slowing but remains strong
HONG KONG — Chicago Federal Reserve President Charles Evans says the U.S. economy has slowed — but he downplayed chances of a recession.
The Fed held interest rates steady in a unanimous decision last week, and indicated that no more increases will be coming this year. It was a sharp dovish turn from its policy projections in December. Still, he said he wasn't very worried about inflationary pressures or recession — and models he's seen indicate that the probability of a recession is no more than 25 percent.
An inverted yield curve, considered an important recession indicator, occurs when short-term rates surpass their longer-term counterparts. The Fed had kept its benchmark rate near-zero for seven years as it looked to stimulate the housing market and overall economy. That period coincided with the longest bull market on record for stocks.
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