Fed Officials Rely on Real-Time Anecdotes from Business Leaders, Consumers to Gauge US Economy Contrary to Q3 Data

Federal Reserve officials are increasingly relying on real-time anecdotes from ordinary business leaders and consumers to gauge the US economy. This approach supports their view that the economy is slowing, contrary to official Q3 data. The number of companies mentioning 'recession' on earnings calls has fallen sharply, indicating a cooling of recession fears. However, some analysts believe the data suggests the US economy is at the borderline of recession, but further data is needed for high confidence in this outcome.