.GStephanopoulos: “Can we avoid a recession if interest rates keep climbing?” Commerce Sec. Gina Raimondo: “I think we can…I don’t see any reason to think that we will have a serious recession.”
"I don't see any reason to think that we will have a serious recession," Commerce Secretary Gina Raimondo told ABC "This Week" anchor George Stephanopoulos on Sunday when asked about the trajectory of future growth as the Federal Reserve signals further interest rate hikes to slow spending and demand.
"We've recovered all the jobs since the pandemic. People's household balance sheets are strong," she said. "Companies are doing well. Companies are hiring, companies are growing." Asked on Sunday by Stephanopoulos to explain divide between "the strong economic fundamentals" and the "lowest consumer confidence" in the economy in years, Raimondo said it points back to "one word."
Gina Raimondo, US commerce secretary, speaks during the SelectUSA Investment Summit in National Harbor, Md., June 27, 2022."Until we do get a handle on inflation, I think it's natural for a family to be feeling that pinch," she added.Amid calls from within the Democratic Party to do more to combat inflation, Raimondo was pressed on what further actions President Joe Biden could be doing right now. But she turned some of the responsibility over to the Senate.
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