Harvard Economist Warns of Potential for ‘Pretty Big’ Recession — No ‘Soft Landing’

Harvard University professor Kenneth Rogoff warned of the possibility of a recession in the United States and predicted that the Federal Reserve is unlikely to secure a “soft landing” for the economy during a Wednesday appearance on the Fox Business Network.

A transcript is as follows:

MARIA BARTIROMO: I’m wondering if the sell-off in the price of oil has to do with these expectations that we’re seeing in this sharp slowdown in the macro. If you believe things will slow real fast and pretty significantly, you’ll believe oil prices will come down, right? Or is it a different scenario because of the supply and demand dynamics of not a lot of supply of oil and gas from here in America?

KENNETH ROGOFF: First off, Europe is in worse shape than we are. They have the energy problem, dependent on Russia and facing the costs of the war much more. That’s also part of the global oil story. Maybe China isn’t picking up as fast as some reports are saying. The oil is a globally determined price. But the United States still has a very high level of inflation and a very strong job market. I feel from strong conviction is the Fed’s not going to get its wish of a soft landing and I’m betting they’re going to blank, but I don’t think they’re going to be able to bring inflation down to target in the next year or year and a half and not have a pretty big recession.


Senate Passes Bill Limiting President’s Powers to Conduct Iraq Military Operations, Moves to House

Legislation that would limit the executive branch’s powers to conduct military operations in Iraq without congressional approval passed the Senate Wednesday and now awaits a House vote under Republican leadership. A bipartisan group of senators voted 66-30 to repeal 1991 and 2002 authorizations (AUMF) for combat operations against Iraq to reduce American presidents’ broad powers […]

Report: Alvin Bragg’s Case Against Donald Trump Delayed One Month

Manhattan District Attorney Alvin Bragg’s grand jury looking into former President Donald Trump for alleged hush money payments to porn star Stormy Daniels is purportedly set to take a break, Politico reported based on one source. The grand jury’s activities have allegedly been delayed due to “a previously scheduled hiatus,” which would reportedly “push any […]