Major US banks expect a modest recession in 2023
Major US banks are convinced that the US will end up in a recession in 2023. “But it won’t be a recession like in 2008,” said Guy Bryson, chief economist at Wells Fargo.
Why is this important?The Federal Reserve raising interest rates increases the possibility that the US is heading towards a recession. Fiscal tightening simply ensures that less money flows into the economy.
In the news: Many banks have shared their forecasts for 2023. This shows that they expect a mild recession.
- Speaking to the Greater Reading Room Coalition on Wednesday, Bryson said he expects a recession in the United States in the second half of next year. “Do we think deflation is coming our way? Yes. Will it be as bad as 2008? No. We expect a much milder recession,” he said.
- Gene Fraser, CEO, American
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