U.S. Economy Sluggish 1st Quarter 2023

Objectivity 4.8 | Credibility 4.8 | Relevance 4.8

A U.S. Commerce Department report estimates that the U.S. economy has slowed to a crawl at 1.1%.  The slowed growth is a result of the Federal Reserve’s aggressive moves to halt inflation through multiple interest rate hikes, particularly hitting the housing and business sectors hard. While the Fed has maintained it can avoid a recession, business research group Conference Board, says there is a 99% chance of a U.S. recession over the next year.  Other economists see a different picture. Tony Roth, Wilmington Trust’s chief investment officer, said, “We place a roughly 55%-60% chance of a mild recession in the U.S.”