Stop worrying about a recession - jobs are resilient and the Fed will achieve a soft landing, Morgan Stanley's top economist says
The US will dodge a much-predicted recession thanks to a resilient labor market that has endured the Federal Reserve's aggressive interest-rate increases, according to Morgan Stanley's top economist.
"The labor market is one of the key stories so far this year," Carpenter, the bank's chief global economist, told."There has been clear slowing, however, the rate of job gains has been pretty strong and we think that's been contributing to resilience spending," The Fed raised interest rates from near-zero to over 5% between March 2022 and May 2023 in a bid to tame inflation, which at one point last year was running at four-decade highs.
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