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he told cnn the panel will present evidence showing state officials who stood up and said they wouldn t go along with this plan to either call legislatures back into session or decertify the results for joe biden and will connect the bid to submit fake electors to overturn the election straight to the former president. that is what schiff says. now, as investigators watch for where the markets go this week, days after the federal reserve increased the key interest rates three quarters of a percentage point and the dow navigates fair market territory, the administration was out in full force over the weekend with a consistent message that recession is not inevitable, recovery is possible. watch this. well, i expect the economy to slow. but i don t think a recession is at all inevitable. recession is not inevitable. the president really wants to have a steady and stable recovery. not only is a recession not inevitable, but i think a lot of people are underestimating ....
for the juneteenth holiholiday, the biden administration and officials around it are not taking the weekend off. yesterday, i spoke with energy secretary jennifer granholm who projected optimism despite economic challenges. the president is really focused on preventing these inflationary increases to the extent he can, inflation is happening globally, recession is in the inevitable, the president really wants to have a steady and stable recovery. but, of course, one of the biggest pieces of these infla inflationary increases we re seeing is the price of fuel. the growing number of experts disagree with that assessment. 44% of economists surveyed by the wall street journal now believe a recession is likely within the next 12 months. that is as the federal reserve raises interest rates, a move that should cool inflation at the risk of also hurting economic growth. among the top concerns when it comes to inflation, those record high gas prices. the white house says i ....
The right tone. what about inflation, because the fed has to give this economy medicine you know what may kill the patient. question is can you get the right balance? and when you have the raise of three quarters of a percentage point last week followed by another one just as big, we saw federal reserve governor christopher waller say saturday he would back another interest rate hike of three quarters of a point, how do you know, when we will know if the fed has killed the patient or not? well, officially there is a group called the nber business cycle dating committee, which is a bunch of economists who decide when the economy has turned or not. and they usually do it long after the fact. so they are the arbiters of this thing. but there are other maybe actual turning of the economy into a recession or recovery. but there are other indicators that we can follow. we should look at the job market, consumer sentiment, we should look at gdp growth, investment data, things like that. ....
People are underestimating the strengths and the resilience of the american economy. not inevitable, not a ringing endorsement. alison kosik, i m curious, how the markets, how the investors are reading the danger of the economy falling into a recession and when? good morning, jim and poppy. investors are reading what biden administration officials are saying as well. this consistent message that a recession isn t inevitable and there is some truth to that, but then again no one really knows. even fed chair jay powell said after he made his policy decision last week, raising interest rates at a pretty big clip, the last time raising it .75% was, you know back in 1994. he admitted there is a lot out of the federal reserve s control, including high oil prices, supply chain constraints and continued effects of covid-19, of emerging from the pandemic. and there really is no guarantee that raising rates will help to ....
Fed needs to act more aggressively, raise interest rates more, could tip us into a downturn. but if everybody starts getting gloomy about that, it can become a self-fulfilling prophecy. companies decide to lay off workers, or to cancel orders, pull back investments that sort of thing. if everybody does that en masse, that is the recession, right? a recession is basically a decline in economic activity. so there is this challenge for the white house, and for fed policymakers as well right now, where they kind of want to give people a pep talk and say, hey, don t make this a self-fulfilling prophecy, don t start anticipating a session and will if into existence, but they are too optimistic, they seem tone deaf, people are suffering, even if we think we re not technically in a recession right now or they lose their credibility. if they say things are better than they are, they lose credibility and people stop trusting them. it is really difficult to find ....