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 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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