The panelists discuss the latest figures on inflation released on quarter 3 of 2022, and analyze the likelihood of stagflation and recession as these inflationary pressures continue to impact the US economy as well as the outlook for states and municipalities and their budgets.

Our panel of experts includes Alison Premo Black, senior vice president and chief economist, American Road & Transportation Builders Association; Beth Ann Bovino, US chief economist and managing director, S&P Global Ratings; Hughey Newsome, chief financial officer, Wayne County, Michigan; Gabriel Petek, legislative analyst, State of California; and Mark Zandi, chief economist, Moody’s Analytics.

Notable Quotes:

“I don't see recession [in the] next six months or the next nine months, but now I have a 50/50 outlook by the latter part of 2023 going into 2024.” - Mark Zandi

“There's no question that in terms of infrastructure investment, there are a couple of things that the industry has been dealing with in terms of those construction projects. There's no doubt the increase in prices is definitely impacting [projects] as well as material availability.” - Alison Premo Black

“Our judgment was that historically speaking, it's been difficult for the Fed to navigate a soft landing when you have such a situation,” - Gabriel Petek

“We've been able to kind of store some nuts away for the winter; that was somewhat on purpose but also somewhat on accident,” - Hughey Newsome

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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.