U.S. Banking Crisis to Spark Recession: Federal Reserve Documents Warn of Economic Turmoil Ahead

The Federal Reserve has warned that the fallout from the U.S. banking crisis will cause a recession later this year, according to minutes from the March meeting of the Federal Open Market Committee. While Vice Chair for Supervision Michael Barr believes the banking sector "is sound and resilient," staff economists have projected a mild recession starting later this year, with a recovery over the subsequent two years.

If they are forcasting a "mild recession" how bad will it really get is the question?

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