Federal Reserve Chair Jerome Powell during the afternoon press conference said that the Federal Reserve will review the new GDP report when it is released but he assured that it won’t be used to draw any conclusions. Powell said that the Fed doesn’t make a judgment based on the data. He assured that they don’t say there is now a recession kind of thing.
The GDP report for the second quarter will be released on Thursday and Powell said officials will review the data very carefully. He further said that the Federal Reserve will draw whatever implications they can from the new GDP. He said that he doesn’t believe there is a recession in the country.
Powell described that a recession is a broad-based decline across many industries that is sustained for more than a couple of months.
