According to Jamie Dimon, CEO of JPMorgan Chase, America’s economy is currently looking “pretty good.” However, it is likely that there will soon be a “downturn,” with the economy “certainly dipping into a recession.”
In an article written by Troy Tanzy and Daniel Rangel, it was stated:
“Core inflation was back above 2% for March, according to the latest inflation report which came out Wednesday morning. The Consumer Price Index (CPI) was down slightly in March (down 0.1% month over month), but the core inflation rate rose 0.2% for the month. According to TD Economics, a 4.9% drop in gasoline prices held the CPI level relatively constant to slightly down.”
This marks a rise in inflation which is “reflective of higher prices in housing, medicine and food.” It is also expected that Federal Reserve officials will increase rates another two more times (at least) this year with the observation of the continued escalation in inflation to its target rate. However, with inflation continuing to accelerate, rates will be raised in accordance by the Fed, partly as a defensive tactic against a possible recession.