Even seasoned observers were surprised by the scale of the upheavals in the U.S. economy in 2022. From the magnitude of inflation to the aggressiveness of interest rate increases by the Federal Reserve (the Fed) to the stubbornness of global supply chain disruptions, almost everything that happened was unexpectedly severe.
In 2023, recovery may not come without the economy first enduring a recession, says Michael Gapen, Head of U.S. Economics for BofA Global Research. Here, Gapen shares insights on what to expect from a potential downturn, and where inflation, interest rates and a still-hot labor market may be headed.
This interview took place on: December 1, 2022 (updated: January 3, 2023)