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But What If We Don’t Get a Recession in 2023? That Would Be a Bummer for Wall Street
It makes sense to see a recession later this year. The Fed has hiked interest rates with the top of its policy rates now at 5.0%. Businesses and consumers haven’t had to deal with these kinds of short-term interest rates in 15 years. Three banks have blown up because long-term rates have risen sharply, and they got caught not preparing for it, and depositors then pulled the rug out from under them. Economists are widely predicting a recession later this year. Even the Federal Reserve’s staff projections, prepared for the March meeting and mentioned in the minutes, included the possibility of “a mild recession ... (full story)
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- Rich.C
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