Jerome Powell, chair of the Federal Reserve, said at a press conference he sensed a 'mood of concern, or it's a mood of angst, about growth going forward.'
Corporate financial officers are forecasting an impending economic downturn, according to a new survey of around 150 chief financial officers conducted by the consulting firm Deloitte.
And increasing concerns about a reversal of the longest economic expansion in U.S. history come amid related anxieties about Trump administration policies that may be hampering growth. The external risk most frequently cited by CFOs in the survey was a combination of trade policy and tariffs. Companies are also feeling the squeeze internally, with the survey finding that key growth metrics are all at or near multi-year lows. Revenue growth fell to a three-year low, earnings growth is at its second-lowest in the survey's history and domestic hiring growth dropped to its second-lowest level in around six years.
Currently, just 3 percent of CFOs believe a recession specifically will occur before the end of 2020, whereas the vast majority believes a less-detrimental economic slowdown will take place. Last year, 15 percent of CFOs predicted a recession.
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