Fed Chair Jerome Powell said he does not think the U.S. is currently in a recession

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Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., on Wednesday, July 27, 2022.

Powell said he doesn't believe the US is in a recession.

There are too many areas of the economy that are doing well and that is why the U.S. is not currently in a recession. It doesn't make sense that the economy would be in a recession with this type of thing happening

The investors fear that the Fed may cause the economy to go into a recession. The economy is expected to have barely expanded in the second quarter after contracting in the first. The official definition of a recession takes into account more factors than just GDP.