A recent meeting of the Federal Open Market Committee has revealed that economists are forecasting a potential recession in the coming months. The minutes from the meeting, which were released on Wednesday, showed that the economy may not fully recover until next year.

The committee’s staff predicted a mild recession starting later this year, citing the potential economic effects of recent developments in the banking sector. Although the committee expects a recovery over the following two years, real GDP growth in 2024 is projected to remain below potential output growth, with GDP growth in 2025 expected to surpass it.

Federal Reserve economists predict that turmoil after the collapse of several banks will cause a "mild recession" later this year, according to minutes of the Fed's March meeting. https://t.co/dzNiDQBiFm

— CBS News (@CBSNews) April 13, 2023

While this is concerning news for the economy, President Joe Biden seems to have other priorities. Rather than dealing with the potential recession, the president is currently visiting Northern Ireland.

It remains to be seen what actions the administration will take to address the potential economic downturn and prevent a full-blown recession. As the situation unfolds, experts will continue to monitor the economy closely.