US Federal Reserve staff are "no longer forecasting a recession" given the resilience of the economy recently, although a slowdown in growth later this year is expected, Fed Chair Jerome Powell said Wednesday.
The economic forecast prepared by staff for the central bank's June policy meeting anticipated a mild US recession starting later in 2023 -- but positive economic news has raised chances of a "soft landing" in which officials bring inflation down without triggering a major downturn.
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