Ex-Fed insider: A full-blown recession is 'almost certainly' coming
"Almost certainly there will be a full-blown recession. If we're not in one yet, I think we will be in the next 12 months," Dudley, the former president of the New York Federal Reserve, told CNN in a phone interview.
Recession fears mounted after government statistics last week showed the US economy contracted in the spring for the second quarter in a row. I think a recession is highly likely, and I'll be very, very surprised if they avoid a recession."
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