By Monica Garcia | AZ Family
PHOENIX (3TV/CBS 5) — The odds of the U.S. entering a recession in the next two years are 35%, says one of President Biden’s favorite economists. But if it does happen, it won’t be what we saw in 2008.
“Recession risks later this year and into next are now uncomfortably high.”
“The odds that the Fed missteps, and tightens too aggressively are material and rising. Landing the economic plane on the tarmac was already going to be difficult for the Fed because of the pandemic and high inflation, but Russia’s invasion makes it more likely the economic plane hits the tarmac hard or even crashes.”
Moody’s Analytics Chief Economist Mark Zandi:
Valley economist Danny Court with Elliott D. Pollack & Company agrees with that assessment. The risk of a recession is increasing within the next 24 months. It comes amid rising interest rates, staggering inflation, and the ever-growing global conflict over Russia’s invasion of Ukraine.
So if the recession won’t look like 2008, why not? Experts say it’s because that year was an outliner when looking at it historically, and it was a housing-led recession.
