US recession to be long, severe: economist

NEW YORK, Aug 19 (XINHUA): A recession for the United States will be "long" and "severe," and could bring financial distress "across the board," Bloomberg on Monday cited Nouriel Roubini, an economist known for his bearish tendencies.

"We are in a sharp slowdown. We've had two negative quarters of growth in the first half (of 2022)," said Roubini, an Iranian American economist who accurately predicted the housing bubble burst in 2008.

"The Fed funds rate should be going well above 4 percent to push inflation towards 2 percent," he said. "If that doesn't happen, inflation expectations are going to get unhinged, or you'll get a hard landing."