But over at Capital Economics, a different call: "We think the economy is well-placed to handle higher interest rates and anticipate a period of weak economic growth rather than an outright recession," economists told clients earlier this month.

Truth is, no one really knows if the economy is already in a recession or headed for one. Generally marked by two consecutive quarters of negative GDP growth and rising unemployment, a recession is officially determined after the fact by a committee of economists at the National Bureau of Economic Research. There is no "recession light" that goes off at the White House and on Wall Street.

The recession guessing has reached such a fever-pitch, the White House last week issued a fact-sheet about what it takes to determine one.

But over at Capital Economics, a different call: "We think the economy is well-placed to handle higher interest rates and anticipate a period of weak economic growth rather than an outright recession," economists told clients earlier this month.

Truth is, no one really knows if the economy is already in a recession or headed for one. Generally marked by two consecutive quarters of negative GDP growth and rising unemployment, a recession is officially determined after the fact by a committee of economists at the National Bureau of Economic Research. There is no "recession light" that goes off at the White House and on Wall Street.

The recession guessing has reached such a fever-pitch, the White House last week issued a fact-sheet about what it takes to determine one.