Major US banks are confident that the US will enter a recession in 2023. “But it won’t be a recession like 2008,” said Jay Bryson, chief economist at Wells Fargo.
Why is this important?The Federal Reserve’s interest rate hikes are increasing the likelihood that the U.S. will slide into recession. A tight monetary policy ensures that less money flows into the economy.
In the message: Several banks have shared their forecasts for 2023. This shows that they expect a mild recession.
- Speaking to the Greater Reading Chamber Alliance on Wednesday, Bryson said he expects a US recession in the second half of next year. “Do we think a contraction is headed our way? Yes. Will it be as bad as it was in 2008? No. We expect a very mild recession,” he said.
- Jane FraserAmerican CEO
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