Resilient US Economy Crushes Recession Worries

Strong economic data, including high consumer confidence, positive home prices and new home sales, and growth in durable goods orders, has led economists to be less worried about a recession this year. Consumer sentiment is also reflecting this optimism, with fewer consumers expecting a recession in the next 12 months. However, there are still concerns about inflation, and the Federal Reserve is expected to raise interest rates in July to combat it. The upcoming Personal Consumption Expenditures (PCE) index and June jobs report will provide further insight into the Fed's next moves. Some economists argue that the strong housing market supports the case for additional rate hikes, while others caution against relying too heavily on positive data and inflation remains a concern.