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US likely in the 'front-end of a recession': Larry Kudlow
Larry Kudlow on whether the US is already in a recession
The FOX Business host provides insight on ‘Mornings with Maria’ shortly after it was revealed that GDP activity declined at a worse than expected 1.6% annual pace in the first quarter, according to the Commerce Department’s final reading.
FOX Business host Larry Kudlow, the former director of the National Economic Council in the Trump administration, argued that the United States is "probably on the front-end of a recession."
Speaking on "Mornings with Maria" following the release of Q1's GDP numbers, Wednesday, he said that he doesn’t know whether the U.S. is in a recession just yet, but stressed that the economic outlook "is not good."
Kudlow pointed to "the inflation problem," the "collapse in consumer confidence," and the expectation that the Federal Reserve is going to be raising rates significantly – more than the central bank has already – in order to try and tame the price hikes.
US Q1 GDP down 1.6 percent
GDP report conjures up recession fears. FOX Business’ Cheryl Casone with more.
The FOX Business host made the comments shortly after it was revealed that gross domestic product (GDP) activity, the broadest measure of goods and services produced across the economy, declined at a worse than expected 1.6% annual pace in the first quarter, according to the Commerce Department’s final reading. The figure is slightly higher than the department’s first and second readings.
A recession refers to a contraction in GDP activity for two consecutive quarters.
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