NEW YORK, Oct 18 — Ratings agency Fitch has slashed growth forecasts for the United States for this year and next and will warn today that the Federal Reserve’s interest rate hikes and inflation will drive the US economy into a 1990-style recession, CNN said.

US GDP is now expected to grow by just 0.5 per cent next year, down from 1.5 per cent in the firm’s June forecast, CNN reported, citing a Fitch report obtained by them. — Reuters