Billionaire investor Stanley Druckenmiller said at an investor summit in New York City on Sept. 28 that he’s worried that the economic downturn stalking the United States could be worse than an “average garden variety” recession.
Druckenmiller said at the Delivering Alpha Investor Summit that he’s convinced it’s impossible for the U.S. economy to experience a so-called “soft landing,” which is a situation when growth slows but the economy avoids falling into a recession.
Instead, his base-case scenario is for a “hard landing” by the end of 2023, driven by the Federal Reserve’s aggressive rate-hiking fight to curtail soaring inflation….