The Federal Reserve's latest attempt to curb rising inflation by raising the interest rate another three-quarters of a point may take some time to be felt by consumers.
People are still buying, but they're spending less. Meanwhile, businesses are still open, but some are cutting staff and inventory. All of this has increased speculation about a recession.
Economists define inflation and assess the the Fed's actions to bring inflation under control. When it comes to recession, however, the definition depends on who you ask and what factors they consider.
- Stephanie Kelton, economics professor, Stony Brook State University
Joseph Haslag, Kenneth Lay Chair in Economics, University of Missouri
