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White House, Fed try to reassure public amid recession worries

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Fed Chairman Jerome Powell says a recession is possible, even though the central bank is trying to prevent one.
In recent days, President Biden and his administration have emphasized that a recession is “not inevitable.” The Fed chairman took a similar message to Capitol Hill, where he faced skeptical lawmakers. Powell acknowledged that a recession is possible as the Fed pushes interest rates higher. But he said the goal is to achieve a “soft landing” — a reduction in inflation and a slowdown in growth without triggering a recession and high unemployment.

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