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Fed Takes Heat as Economists’ Consensus Points to 2023 US Recession

WASHINGTON – Recession is imminent. That’s the clear consensus among U.S. economists. Although the Federal Reserve’s work to bring down inflation has led to a slight drop, prices are expected to keep climbing. There’s a growing belief the Fed missed the mark, over-reacting to put the country right into a recession.

One key factor in all of this is the money supply. In 2020, fear over a pandemic shutdown prompted the Federal Reserve to begin pumping more than $6 trillion into the U.S. economy to combat unemployment and promote economic growth.

Congress injected close to another $6 trillion in stimulus-related spending. The result was an over-stimulated economy.

Johns Hopkins Economics Professor Steve Hanke, a former advisor to President Ronald Reagan, says the reason for today’s high inflation is that the money supply grew so quickly during the COVID economy of 2020 and…

Read more at www1.cbn.com

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