U.S. Economy Shrank 1.5% In First Quarter Of 2022

The video discusses the revised GDP numbers showing a 1.5% decrease in the first quarter, contrary to expectations. Factors such as rising inflation, the Ukraine war, and the Omicron variant contributed to this decline. The Congressional Budget Office predicts a 3.1% GDP growth for 2022, despite the Federal Reserve's interest rate hikes to control inflation. The CBO remains optimistic about avoiding a recession, although the first quarter results have disappointed economists.

What is the Congressional Budget Office's outlook for GDP growth in 2022?

What concerns were raised regarding the Federal Reserve's interest rate policy?