Economists fear U.S. recession after historic rate hike

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Economists fear U.S. recession after historic rate hike

STORY: Economists fear U.S. recession after historic rate hike DATELINE: June 17, 2022 LENGTH: 00:02:09 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of U.S. Federal Reserve 2. various of the Wall Street 3. various of Nasdaq Market Site at Times Square 4. SOUNDBITE 1 (Spanish): JORGE MARCHINI, Professor of Economics at the University of Buenos Aires 5. SOUNDBITE 2 (English): MICHAEL HUDSON, Professor of Economics at the University of Missouri-Kansas City STORYLINE: The U.S. Federal Reserve has announced the biggest rate hike in 28 years, and some economists fear a recession lies ahead for the country. The Fed raised the target for the fed funds rate by three-quarters of a percentage point on Wednesday, in an effort to tamp down the worst inflation in 40 years. The rate increase was the biggest since 1994, and was implemented after data showed the central bank has failed in its efforts to fight inflation. Sam Bullard, senior economist at Wells Fargo, a major U.S. bank, said "we believe that a

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