Deutsche Bank is the first big bank predicting a recession. Here's why it will probably be a mild one.
RELATED: The Great Recession: many Americans still suffering
A recession in the U.S. is brewing as the Federal Reserve is taking a more aggressive stance on raising interest rates to clamp down on inflation, according to economists at Deutsche Bank. With inflation at a 40-year high, they predict the Fed will raise interest rates by half a percentage point during the next three meetings in May, June and July. That’s in line with the Fed’s thinking, according to minutes from the latest meeting.
When the Fed raises rates, it becomes more expensive to borrow money since interest rates on mortgages, credit cards and other loans increase in tandem. By taking such action, the Fed hopes to slow down the economy without causing a recession.
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