Economists still expect higher interest rates to push the US economy into recession this year, despite signs of easing inflation. This is evidenced by the results of a quarterly survey by The Wall Street Journal.

Experts estimate the probability of a recession in the next twelve months at 61%, which is not too different from the October figure of 63%.

Initially, the Federal Reserve hoped it could dampen inflation by slowing economic growth, called a “soft landing,” but without turning GDP down. However, three-quarters of respondents said the Fed will not achieve a soft landing in 2023.