Ratings agency Fitch has cut US growth forecasts for this year and next and will warn on Tuesday that interest rate increases by the Federal Reserve and inflation will push the US economy into a 1990s-style recession, CNN said
U.S. gross domestic product (GDP) is expected to grow just 0.5 percent next year, down from 1.5 percent in the company’s June forecast, CNN reported, citing a Fitch report obtained by the broadcaster.
