Deficit of monetary policy: why the economy remains resilient to recession

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Economist Richard Bessente, who serves as the U.S. Secretary of Finance, recently made an optimistic assessment regarding the trajectory of the American economy in 2026. Although certain sectors, especially those sensitive to interest rate fluctuations, are experiencing some difficulties in the short term, analysts do not detect systemic signals of an overall recession in the economy.

According to his assessment, pauses in downturns of credit-sensitive segments will be short-lived. The most vulnerable sectors to interest fluctuations—such as construction, mortgage lending, and retail trade—are under pressure but show no signs of a critical crisis.

It is important to note that the overall economy is not approaching recession thresholds. Against the backdrop of the resilience of key macroeconomic indicators and labor market dynamics, Bessente expresses confidence in a recovery of growth next year. This optimistic forecast is based on the assumption of a gradual adjustment of monetary policy and business adaptation to new lending conditions.

Thus, although the economy and its individual sectors face challenges, a full-scale recession as a systemic crisis is not expected.

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