Powell on Fed Staff: ‘They Are No Longer Forecasting a Recession’

EXCERPT:

POWELL: “The staff now has a noticeable slowdown in growth starting later this year in the forecast. But given the resilience of the economy recently they are no longer forecasting a recession. It's -- I just want to note that it's -- that our staff produces its own forecast, which is independent of the forecasts that we as FOMC participants produce. Having an independent staff forecast, as well as the individual participant forecast is a really a strength of our -- of our process.”