'We don't see a recession this year' or next -adviser

STORY: Fed policymakers believe the U.S. central bank can maneuver a "soft landing" and avoid a drawn-out recession in its effort to cool record-high inflation.

"We actually believe that the Fed can do what they say they believe they can do, which is to bring us in for a soft landing," said von Lipsey.

Citigroup is forecasting a near 50% probability of a global recession, as central banks rush to raise interest rates to stamp out inflation that has been partly fueled by the impact of the Ukraine war and the COVID-19 pandemic.