Portman: 'More Likely Than Not' We'll Have Another Quarter of Negative Growth, Which Is a Recession

On Wednesday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” Sen. Rob Portman (R-OH) predicted that due to the negative impact on consumer spending that Federal Reserve interest rate hikes that are needed to bring down inflation will have, and in light of stocks falling, he believes “it’s more likely than not that we’re going to have another quarter of economic growth that is negative” and enter a recession.

Host David Asman asked, [relevant remarks begin around 7:00] “Are we going to have a recession before the election?”

Portman responded, “Well, we had negative growth in the last quarter, as you know. And if we have another quarter of negative growth, that technically is a recession. I don’t know. No one does, but I would say, when you look at the numbers right now and you look at what the Fed is doing, raising interest rates — which they have to do to try to calm inflation — the effect that’s going to have on consumer spending, and you mentioned these stocks being down today that are very consumer-oriented, I think it’s more likely than not that we’re going to have another quarter of economic growth that is negative.”

Follow Ian Hanchett on Twitter @IanHanchett