Rogoff has 'strong conviction' that the Fed won't 'get its wish of a soft landing'
US economy is "markedly" slowing, economist says
Rogoff has 'strong conviction' that the Fed won't 'get its wish of a soft landing'
Harvard University economics professor Kenneth Rogoff provides analysis of the oil crisis and the impact of the massive sell-off on ‘Mornings with Maria.’
During an interview on "Mornings with Maria," Wednesday, Harvard University economics professor Kenneth Rogoff analyzed the ‘sharp slowdown’ of the price of oil as the supply and demand dynamic continues to fluctuate.
KENNETH ROGOFF: Europe is in worse shape than we are. They have the energy problem dependence on Russia, and they're facing the costs of the war much more. So that's also a part of the global oil story. And maybe China is not picking up quite as fast as some reports are saying. So the oil is a globally determined price.
silhouette of working oil pumps on sunset background (iStock / iStock)
But, the United States still has this very high inflation and very strong job market where I think that I feel a strong conviction is that the Fed's not going to get its wish of a soft landing. And I'm betting they're going to blink, but I don't think they're going to be able to bring inflation down to target, but then say the next year, year and a half, and not have a pretty big recession.
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WATCH THE FULL INTERVIEW HERE:
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Former IMF chief economist Kenneth Rogoff weighs in on the U.S. economy as consumers' fear over a recession climbs on ‘Mornings with Maria.’