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Federal Reserve Chairman Jerome Powell on Wednesday continued to argue that a recession is not inevitable as a result of the interest-rate policy laid out by the central bank. “I don’t see the likelihood of a recession as particularly elevated right now,” Powell said, during testimony to the Senate Banking Committee. Powell said there is a risk of a recession because Fed policy is a blunt tool. But he said the economy is strong and consumers and businesses are in “good shape.” “No one is very good at forecasting recessions very far out,” he said.
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