Global financial markets have been fretting about a looming recession in the US. Indeed, the world’s top economy sets the tone for economic trends. “From Wall Street to Washington, whispers about a coming economic slump have risen to nearly a roar,” US-based periodical Politico reported. Moreover, a recession might entail massive layoffs. The political editor cites the words of US President Joe Biden saying “there’s nothing inevitable” about a recession in the US. Both investors and policymakers are stoking recession fears because “the Federal Reserve ramps up its battle against the highest inflation in four decades.”
“Across the nation, the leading topic of economic conversation — high inflation — is swiftly morphing into growing certainty of a coming recession,” the periodical warns. Republican lawmakers insist that an economic downturn is inescapable. Earlier, Joe Biden introduced the term Putin price hike saying that “What people don’t know is that 70 percent of the increase in inflation was the consequence of Putin’s price hike.” The US leader claimed that the Russian President with his invasion of Ukraine was to blame for runaway global inflation and sky-high gasoline prices in the US in particular. According to Joe Biden, Washington was well aware that the embargo on Russian oil would send headline inflation soaring but it was a crucial decision to stop Putin’s war machine.
