Steve Hanke: Recession Is Coming—The Fed, Trump, & Wall Street Are Blind

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07/03/2025 Power & Market Steve H. Hanke

Economist Steve Hanke says a U.S. recession is almost inevitable, and warns that the Fed, Wall Street, and Donald Trump are all looking in the wrong direction. In this sharp, wide-ranging interview with James Connor, he explains why ignoring money supply is a fatal flaw in today’s policy and why the economy may be headed for a major contraction.

Steve Hanke is a Distinguished Senior Scholar at the Mises Institute and a Professor of Applied Economics at the Johns Hopkins University. He can be followed on X @steve_hanke.

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Steve Hanke: Recession Is Coming—The Fed, Trump, & Wall Street Are Blind

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Economist Steve Hanke says a US recession is almost inevitable, and warns that the Fed, Wall Street, and Donald Trump are all looking in the wrong direction.

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