When America sneezes, the world catches a cold – as the old saying goes.
It’s only been two years since the COVID-19 pandemic began, but economists are already speculating about when the next recession could happen.
The United States will fall into recession in late 2023 because its central bank, the Federal Reserve, will hike interest rates too quickly, Deutsche Bank is predicting.
“We no longer see the Fed achieving a soft landing,” Deutsche Bank economists led by Matthew Luzzetti wrote in a report to clients.
“Instead, we anticipate that a more aggressive tightening of monetary policy will push the economy into a recession.”
Another major bank, Goldman Sachs, is forecasting a 35 per cent chance of a US recession in the next two years.
‘Significant’ risk of hard landing
With increases to the cost of living surging to a 40-year high in America, there’s a strong argument that the Fed now has to rapidly hike rates to cool the economy down.
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