Xinhua News Agency, London, September 1 (Reporter Huang Zemin) In response to new trends in the US economic field and policy signals from the US Federal Reserve, many economists recently said that the US economy continues to face multiple difficulties, and the economic downturn may last even longer in 2023.
British media recently released a survey results showing that the U.S. real estate prices are seriously overvalued, and coupled with the rising mortgage interest rates, the growth rate of real estate will slow down significantly. As an important part of the economic field, the US real estate market is under pressure to attract attention, and analysts believe that the US economy may fall into a serious recession.
Reuters recently reported that a survey of dozens of real estate analysts showed that the current housing prices in the United States are significantly higher than reasonable levels. Many analysts interviewed said that due to the aggressive interest rate hike of the Federal Reserve, the interest rate on mortgage loans has risen accordingly, and the continued decline in consumer purchasing power, the slowdown in the real estate industry is inevitable.
analysts believe that signs of decline in the real estate industry are only the "tip of the iceberg" of the US economic problems.
Stephen Roach, a senior researcher at Yale University, believes that the current economic performance of the United States shows that there may be a more serious economic downturn in the future, and it will even continue until 2024. If the United States wants to avoid recession, it needs "a miracle."
Steve Hank, professor of economics at Johns Hopkins University, pointed out in an interview with the media recently that since the outbreak of the new crown epidemic, the United States has experienced a "big release" of money supply, resulting in inflation. Hank said that the high inflation facing the United States will continue until next year or even the year after.
At this stage, the Federal Reserve is carrying out a wave of aggressive interest rate hikes. Recently, a Federal Reserve official said that the benchmark interest rate will continue to rise and will remain at a high level next year.
Federal Chairman Powell said on August 26 that the Fed will firmly fight high inflation and send out a hawkish signal that he will continue to raise interest rates in September, saying that this will bring "pain" to the economy.
Powell also said that the U.S. inflation level is at an all-time high and the Federal Reserve will use policy tools to fight inflation effectively. Monetary policy measures taken to reduce inflation may lead to a decline in economic growth and a weaker job market.
Experts from many countries pointed out that the challenges facing the US economy are mostly due to its own factors, including monetary policy, and its spillover effect will drag down the global economic recovery and bring severe challenges to developing countries and emerging economies.
(Xinhuanet)
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