Fitch no longer expects a US recession, forecasts three rate cuts

NEW YORK (Reuters) – Credit rating agency Fitch no longer forecasts a U.S. recession this year due to several signs of strength in the economy, Fitch Ratings’ Chief Economist Brian Coulton said in a webinar on Wednesday.

The Federal Reserve is likely to cut interest rates three times in 2024, he said.

Fitch last year downgraded the U.S. government’s top credit rating to AA+ from AAA, citing fiscal deterioration and repeated down-to-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills.

(Reporting by Davide Barbuscia and Matt Tracy)