U.S. Cabinet Secretary Shrugs off Recession Threat

U.S. Commerce Secretary Wilbur Ross on Monday joined a number of presidential officials downplaying concerns over a looming recession after the U.S. Treasury yield curve temporarily inverted last week for the first time in 12 years.

"Eventually there’ll be a recession but this inversion is not as reliable, in my view, as people think," Ross told the media on the weekend.

That view is somewhat at odds with economists, who reckon a slowdown could happen within the next two years.

The National Association for Business Economics is focusing on the end of 2021.

In all, 34% of economists surveyed, in a report published on Monday, said they believe a slowing economy will tip into recession in 2021.