OCEAN CITY, Md., Aug 19 (Reuters) - The U.S. Federal Reserve’s efforts to control inflation could lead to a recession, but it needn’t be “calamitous,” Richmond Federal Reserve President Thomas Barkin said on Friday.
“There’s a path to getting inflation under control. ...Recession could happen in the process,” Barkin told the Maryland Association of Counties. “If one does, we need to keep it in perspective because no one ever canceled the business cycle. ...It doesn’t have to require a calamitous decline in activity.” (Reporting by Howard Schneider; Editing by Mark Porter)