While a downturn in the economy is evident, an ag economist says the US could continue to avoid a recession in 2023.
Rob Fox with CoBank Knowledge Exchange tells Brownfield it’s falling slowly.
“If you look at the graph of our GDP from month-to-month or quarter-to-quarter it looks exactly like an airplane coming in for a nice smooth landing. There is absolutely no evidence that we’re in for a crash, but these things are very difficult to predict.”
He says a lot depends on how aggressively the fed pursues their inflation reduction objectives, having already applied a 4.4% increase in the federal funds borrowing rate in the last nine months.
