Craig Hudson | Bloomberg | Getty Images President Joe Biden said he doesn’t think there will be a recession in the near future, and if there is, he expects it to be a “slight” economic downturn. “Every six months they say that. Every six months, they look down the next six months and say what’s going to happen,” Biden said in an interview with CNN’s Jake Tapper that aired Tuesday, referring to recent economic forecasts by major USA. banks. “It hadn’t happened yet. It hadn’t … I don’t think there’s going to be a recession. If there is, it’s going to be a very small recession. I mean, we’re going to move slightly down.” JPMorgan Chase CEO Jamie Dimon warned on Monday of the possibility of a recession in six to nine months. In an interview with CNBC, Dimon warned of a “very, very serious” mix of headwinds that could send both the US and global economies into recession by the middle of next year. The concerns come as the Federal Reserve continues to aggressively raise interest rates in an effort to reduce inflation. In September, the US central bank raised benchmark interest rates by three-quarters of a percentage point – the Fed’s third straight increase. Biden didn’t fully discount the chances of a recession, but told CNN the chances were low. “It’s possible,” Biden said. “I don’t expect it.” The president acknowledged that the U.S. has “real problems,” but credited legislation passed under his administration, such as the Inflation Reduction Act, as putting the United States “in a better position than any other major country in the world economically and politics”.
