Credit portfolio managers estimate U.S. corporate defaults to rise, according to a recent survey, with the vast majority of respondents expecting the country to slip into recession this year. In the Credit Outlook survey conducted by the International Association of Credit Portfolio Managers (IACPM), 86 percent of respondents stated that defaults will rise over the…
Corporate Defaults to Rise and US Will Enter Recession: Survey
April 14, 2023
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‘Recession Probabilities Are Going up at This Point’: Larry Summers
April 8, 2023
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Former Treasury Secretary Lawrence Summers believes the probability of the United States entering a recession has spiked, pointing to tightening credit conditions. “Recession probabilities are going up at this point,” Summers said in an interview with Bloomberg. The U.S. economy averaged 345,000 monthly job additions in the first quarter of 2023 while the unemployment rate…
Trifecta of Inflation, Recession, and Banking Insolvency Leading to a ‘Doom Loop’: Economist
April 4, 2023
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Decades-high persistent inflation combined with increasing risks of an economic recession and an imminent insolvency crisis in the banking sector have resulted in a “trilemma” facing central banks, including the U.S. Federal Reserve, warns top economist Nouriel Roubini. “Unable to fight inflation and provide liquidity support simultaneously, the only solution is a severe recession—and thus…
A ‘Feel-Good’ Period Before ‘Inevitable’ US Recession: JPMorgan Investment Officer
April 2, 2023
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Markets could see a rally before an inevitable downturn, said Bob Michele, the chief investment officer of JPMorgan Asset Management, adding that American investors are cleaning out their portfolios with assets that can withstand an economic recession. “I actually think in the next quarter, we could see risk assets rally. Having been an investor through…
Moody’s Chief Economist Mark Zandi Says US Has a Fighting Shot at Avoiding Downturn
March 31, 2023
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Moody’s Analytics chief economist Mark Zandi said the United States still has a “fighting shot” at avoiding an economic downturn, in an evening town hall meeting on March 29. Zandi testified in the House Budget Committee hearing on the expanding federal debt earlier the same day. “I think we have a fighting shot to get…
Moody’s Chief Economist Mark Zandi Says U.S. Has a Fighting Shot at Avoiding Downturn
March 31, 2023
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Moody’s Analytics chief economist Mark Zandi said the United States still has a “fighting shot” at avoiding an economic downturn, in an evening town hall meeting on March 29. Zandi testified in the House Budget Committee hearing on the expanding federal debt earlier the same day. “I think we have a fighting shot to get…
Financial Expectations of Americans Lowest Since 2010
March 8, 2023
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Americans are becoming more pessimistic about their personal financial situation as well as the direction of the U.S. economy, with financial expectations at their lowest in over a decade. The share of respondents who expect their personal financial situation to “get better” over the next 12 months dropped to 31 percent in February from 33…
US Equity Valuations At ‘Death Zone,’ S&P 500 Might Fall By 25 Percent: Morgan Stanley Strategist
February 21, 2023
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Michael Wilson, chief U.S. equity strategist at Morgan Stanley, is warning that stocks are currently on the expensive side, with the risk-to-reward for equities “very poor” as he expects the S&P 500 index to tumble by 25 percent from current levels. Wilson equated the current stock market valuations to a “death zone” in a note…
Americans Tell CEOs: Drop the ‘Woke’ and Get Back to Business
February 10, 2023
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As companies gear up for an economic downturn, cutting costs and staff, CEOs might want to heed the rising voice of consumers who want them to focus on business rather than politics. According to a poll this week of more than 1,000 likely voters by the Trafalgar Group and Convention of States Action (COSA), nearly…
Boeing to Slash 2,000 Jobs, ‘Streamlining’ Will Include Work Outsourced to India
American aviation firm Boeing intends to lay off two thousand jobs this year as part of a reduction in certain support services, with a part of the work shifted to India, after the firm had earlier committed to hiring 10,000 workers in 2023. “We expect about 2,000 reductions primarily in Finance and HR through a…
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