The Fed's own economists predict a mild recession later this year – and expect a recovery to take 2 years

• The Fed's own economists predict a mild recession later this year, the latest meeting minutes show.
• Unemployment could jump and the economy might not fully recover until 2025, they said.
• If the US financial system comes under more stress, a harsher recession could take hold, they said.

The Federal Reserve's own economists are predicting a mild recession this year – and a recovery to take two years, according to the minutes from the Fed's latest meeting. 

"For some time, the forecast for the US economy prepared by the staff had featured subdued real GDP growth for this year and some softening in the labor market," FOMC minutes from the Fed's March policy meeting said.