“So the last time I was here was the end of last year and we predicted a recession this year. We moved it out. It’s basically third quarter this year, fourth quarter, this year into first quarter, a mild recession. And unemployment gets up in high 4% range, still very low by historical norms,” Moyhinan said in an interview to CBS News channel.

In May, Federal Reserve Chairman Jerome Powell said that the US may be heading toward what he hopes is a mild recession.

Policymakers at the Federal Reserve have also projected that the US will experience a “mild recession” later this year that could take two years to overcome, minutes of the central bank’s policy meeting from March showed.