The US will face a mild recession, but the risk of a 'hard landing' is currently low, Bank of America's chief economist says
The US economy will likely face a mild recession later this year, but the risk of a severe economic downturn appears low as of now, Bank of America's chief economist Michael Gapen has said.
"Unless bank stress gets worse and a credit crunch is revealed, it's harder to see where that hard landing risk is coming from at present," he said, adding that from a markets perspective there is not a major difference between a mild recession and a soft landing, a scenario that refers to a moderate economic slowdown.
"The bank stress situation is in stasis – it's not getting a lot better, but it's not getting materially worse. Underneath that, the employment and other spending data show an economy that's generally resilient," he said.
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