New Study Estimates 72 Percent Chance the Fed’s Rate Hikes Will Trigger Recession by 2024

President Joe Biden speaks during an interview with the Associated Press in the Oval Office of the White House in Washington on June 16, 2022. Evan Vucci/AP Photo

The chance that the American economy will fall into a recession by early 2024 has risen to 72 percent, according to a study published on June 15 by Bloomberg Economics.

The report came out just as the Federal Reserve made its largest hike in interest rates since 1994 in an attempt to cool down inflation.