Federal Reserve Chairman Jerome Powell spoke with Thomas J. Jordan, chairman of the Swiss National Bank, in Zurich, Switzerland on Friday. The talk was hosted by the Swiss Institute of International Studies.

During his remarks Powell said he does not foresee the U.S. sliding into a recession soon, despite a slowdown in global growth and uncertainties surrounding the U.S.-China trade war.

“I wouldn’t see the recession as the most likely outcome in the U.S.,” he said during his remarks in Zurich.

Powell told the assembly, “Our main expectation is that there will not at all be a recession.”

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