Trouble is coming for the US: Two thirds of TradFi anticipates a recession in 2023
Recent research shows that major financial institutions linked to the Federal Reserve believe the U.S. will face a “shallow” to “mild” recession by 2023, according to recent research. News Ho-hoo! Get a Limited Holiday Trait A Wall Street Journal survey found that financial experts believe the United States will experience an economic downturn in the coming year. More than two-thirds (63%) of 23 major financial institutions do business with the Federal Reserve predict a “shallow” to “mild” recession by 2023. Two of the surveyed institutions predicted a recession in the next year. This was due to the Federal Reserve raising interest rates to combat inflation. The U.S. inflation rate is currently at 7%. This is lower than the Fed’s target rate of 2%. However, Credit Suisse, Goldman Sachs and JPMorgan Chase all have a more optimistic outlook and predict that the U.S. and global economies will recover in the next few years. In October, Tesla CEO Elon Musk and Twitter CEO Elon Musk stated that the global recession could last until 2024.