Treasury Secretary Yellen: “This is not an economy that is in recession.”
Analyst Comment: The new strategy is to simply ignore bad news. This won’t work very well. There are layoffs across multiple industries. Demand is falling. The Fed cannot afford to distort reality for very long. They will have to pivot from rate hikes to rate decreases if they want to prevent severe economic damage. Expect to see the Fed fighting the Biden admin over recession acknowledgement.