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GRAND RAPIDS (WOOD-AM) - Grand Valley State University economist Brian Long expects a mild recession next year.
Long, the director of supply chain management research at the Seidman College of Business, says the federal reserve needs to keep raising interest rates to prevent a more-severe recession.
"Now when this happens, of course, it impacts all the rest of the community because people become laid off, they in turn don't spend as much and their mental attitude is that of trying the best they can to preserve the money that they have because they don’t know when they may get laid off," Long told WOOD-TV.
The Fed is expected to announce another interest rate increase at the end of its two-day policy meeting next week.
More at WOOD-TV.