The Federal Reserve is now forecasting a recession in 2023. The Federal Reserve minutes today show the Fed has recession 2023 predictions due to the bank failures last month. The Fed minutes today also said the Fed expects to raise interest rates again at the May FOMC meeting. More telling, the FOMC minutes today said the Federal Reserve will continue to raise interest rates until the labor market cools. During the Fed minutes release at 2pm eastern on Wednesday, the stock market got spooked and sold off. This could mean the start of a stock market crash if earnings season confirms with earnings going down.
