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Goldman boosts US recession odds after slashing GDP forecast
Goldman Sachs (GS) continues to lead the charge in sounding the economic alarm bells as a fresh banking crisis rolls through markets and the economy. The investment bank's chief economist, Jan Hatzius, said Thursday he now sees a 35% chance of a U.S. recession in the next 12-months, up from 25% previously. The increase in odds reflects "increased near-term uncertainty" around the economic effects of small bank stress. A day earlier, Hatzius cut his 2023 GDP forecast by 0.3 percentage points to 1.2% in a new note out Wednesday afternoon. The closely watched economist stands alone on Wall Street at the moment in ... (full story)