Gus Faucher | Source | Chief Economist at PNC Financial Services Group
Gus Faucher
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The events in Ukraine were not on the minds of business owners when the survey was conducted in January. There was concern at that time about rising prices, and that worry has likely intensified now given the rapid increase in energy prices, among other factors.
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Rising interest rates are designed to cool off growth, hopefully without pushing the economy into recession. If the central bank raises their rates too much, that can push the economy into recession.
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The economic fundamentals are very solid right now. Some of the downside risks that the Federal Reserve had been concerned about have faded now that we have a Phase 1 trade deal.
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U.S. economy grew modestly last quarter against a hazy outlook
U.S. GDP grew at a 2.1% annual rate, slowed by a weak global landscape and a drop in business investment amid President Trump's trade fights.
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The US economy is 'nowhere near a recession this year,' says an economist—but 2023 is a different story
The probability of a recession within the next year is 30% according to a survey of economists, but that outlook depends a lot on where inflation is headed.
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What's next for economy? More price increases, business owners tell PNC survey
A PNC survey of business owners show they're concerned about rising prices.
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PNC Financial Services Group
Chief Economist
started Dec 2011 -
Moody's
Director
Apr 2001 – Dec 2011 -
United States Treasury (https://https://home.treasury.gov/)
Senior Economist
May 1995 – Apr 2001