JP Morgan Chase, Citigroup and Deutsche Bank See US Recession in the Cards

Published: Apr 28, 2023 22:58
The initial annualised rate of U.S. GDP in the first quarter rose 1.1% quarter-on-quarter, estimated at 2.0%, and the previous value was at 2.6%.

The initial annualised rate of U.S. GDP in the first quarter rose 1.1% quarter-on-quarter, estimated at 2.0%, and the previous value was at 2.6%.

Analysts believe that although the U.S. economy achieved growth last year, as the Federal Reserve continues to raise interest rates, the abnormal tension in the labour market has not eased, and the housing market and other areas have shown signs of recession.

Coupled with weak consumer spending, the US economy is likely to slow down in the second half of this year or even enter a recession.

At present, financial institutions such as JP Morgan Chase, Wells Fargo, Citigroup and Deutsche Bank all predict that the US economy is likely to experience a slight or mild recession in the second half of this year.

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