Biden says recession ‘not inevitable’ in AP interview


President Joe Biden said a U.S. recession is “not inevitable” in an interview with the Associated Press. Speaking to the news service in the Oval Office, Biden said the U.S. is “in a stronger position than any nation in the world to overcome this inflation.” Biden spoke a day after the Federal Reserve demonstrated it wanted to be aggressive in its fight against inflation, approving its largest interest-rate hike in almost three decades. On Thursday, meanwhile, U.S. stocks SPX, -3.25% dropped sharply, more than erasing the bounce seen in the previous session following the Fed’s largest rate hike since 1994.

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