In his annual economic forecast, Hughes said that New Jersey has been dependent on the positive national tailwinds of the second longest economic expansion in history, a record he said he expects to be broken in July.
Hughes and Williams disagreed, however, on whether last month’s negative yield curve accurately will forecast the next recession. A negative yield curve is when long-term interest rates have a lower yield than short-term rates, which occurred on Dec. 3 for the first time in a decade.
“Traditionally, that is an indicator of recession, but it’s a long way away,” Hughes said.
MyCentralJersey.com, January 22, 2019
