U.S. to experience "modest recession" in 2023: Fannie Mae

WASHINGTON, April 25 (Xinhua)-- The United States will experience a "modest recession" in 2023 due to inflation and other economic factors, mortgage giant Fannie Mae has said.

The recession is predicted to be triggered by the country's record-high inflation, the Federal Reserve's tightening monetary policy and the Russia-Ukraine conflict, the company said in an economic and housing forecast released on Tuesday.

However, the recession will not be similar in magnitude or duration to 2008, with the current housing market in better shape, the company added.