Many Americans are worried about the economy.

As the Federal Reserve raises interest rates to combat the highest inflation in 40 years, it is becoming more and more concerning that the U.S. will be in a recession.

Alan Blinder, a former Federal Reserve vice chair, told CNBC that it is not likely that the U.S. economy will stop growing this year.

How to calculate your own personal inflation rate is one of the topics discussed in Invest in You.

Blinder said that a recession is likely. He said that he sees a downturn coming next year, as opposed to later in 2022, and that a recession is not certain.

If there is a recession, he thinks it will be a mild one.

Recession watch

The economy shrinks during a recession.

The U.S. economy fell into a recession after the initial shock of the coronaviruses. The economy began to recover just a few months later as Americans were able to go back to work and play.

Alan Blinder, former Federal Reserve vice chairman.

Increased inflation, the ever-present virus, supply shocks and global uncertainty from the war in Ukraine are threatening economic growth and damaging sentiment.

It will feel like a recession to a lot of people if we have very slow positive growth. He said that slowed growth would be a good outcome for the soft landing the central bank is aiming for.

Threat of stagflation

Stagflation can occur when growth is slowed and demand is low, and the unemployment rate is high.

The Federal Reserve is better equipped to deal withflation now than it was in the past.

He said that central banks didn't know how to deal with it in the 70s.

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