The US is headed for a more serious recession than Powell has predicted, Evercore founder, Roger Altman, has said

The US is headed for a more serious recession than Powell has predicted, Evercore founder, Roger Altman, has said.

Meanwhile in April, Fed staff projected a mild recession starting later in 2023, in FOMC minutes.

Other notes:
- Policymakers scaled back expectations for interest-rate hikes this year after banking turmoil; officials stressed need to watch incoming data to see how deeply an anticipated credit crunch would slow economy, with some calling for flexibility on coming decisions

• March decision to raise interest rates by 25 basis points was unanimous among all 18 officials but reflected a middle ground, with one group of policymakers weighing a pause and another contemplating a 50 basis-point hike
• Fed staff projected a “mild recession” starting later in 2023, followed by a recovery in subsequent two years
• Officials judged the worst bank turmoil was likely limited to a “small number of banks with poor risk-management practices and that the banking system remained sound and resilient”