In spring two years ago, the coronavirus pandemic threw the U.S. economy into recession. Last spring, the proliferation of vaccines swung it into a rapid expansion.
This spring, speculation abounds that another recession is around the corner, maybe late this year or next year.
With official data expected later this month, the U.S. economy likely grew between 1 and 2% in the first three months of the year. But last year's snapback produced a faster drop in unemployment and bigger spike in inflation than nearly everyone expected. And balancing that out could require some bitter medicine: higher interest rates.
