Per CNBC
Former Boston Fed President Eric Rosengren said a US recession is "quite likely" in 2023. He also told CNBC that to stem inflation, interest rates might need to increase to 5.5%, higher than investor expectations.
Rosengren also said the unemployment rate would need to reach 5-5.5%. The former Fed President said that the elevated rate was his prediction based on his own calculations and the Fed forecasts.
He also said his predictions were based on a weakening labor market and a nominal wage growth slowdown.
