Recent economic data and the market sell-off has sparked fears and questions about whether the US is in a recession or if a recession is in the near future. Wall Street Journal Chief Economics Commentator Greg Ip joins Yahoo Finance to discuss recession fears.

"The stock market matters, in so far as it's got a pretty flawless track record of predicting recessions..." Ip says, "I think pretty much every recession was preceded by a big drop in the stock market. The problem, of course, is that not every big drop in the stock market was followed by a recession. It does have false alarms."

Ip adds that "it's very hard to know exactly what we're in right now, but when I look at everything... it doesn't look yet like we have a recession in the cards."

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This post was written by Mariela Rosales.