The debate is on: Are we headed toward a recession or not?
At least one well-known, and well-respected, economic guru, Raoul Pal, has claimed the world, including the United States, is already in a recession. Former Treasury Secretary Larry Summers says the Federal Reserve must prepare for the worst. Still others say a recession is nowhere in sight -- certainly not here at home.
Indeed, Fed Vice Chair Stanley Fischer said recently that the Fed is likely to raise rates about four more times this year, owing to an improved labor market and expected improvement on the inflation front.