recession

Brian Moynihan, CEO of Bank of America, is photographed at the Bank of America Tower in Manhattan on Wednesday

Bank of America CEO blasts Biden’s semantics over recession – as 401k millionaires slumps 29%

The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point, condemning the Biden administration for arguing over semantics and failing to comprehend the real pressures people felt. Brian Moynihan, head of the bank – one of the world’s largest …

Bank of America CEO blasts Biden’s semantics over recession – as 401k millionaires slumps 29% Read More »

Goldman sees a 'feasible but difficult path' for the Fed to defeat inflation without a recession

Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession

Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura | Los Angeles Times | Getty Images The Federal Reserve’s path to bringing down runaway inflation while keeping the economy from slipping into a major downturn is still open but is getting narrower, according …

Goldman sees a ‘feasible but difficult path’ for the Fed to defeat inflation without a recession Read More »

The US economy didn't get the recession memo

The US economy didn’t get the recession memo

The brutal GDP report released on July 28, showing the economy had contracted for a second quarter in a row, led some to insist the much-feared recession had already arrived. And in some ways that makes sense: Since 1948, every period of back-to-back quarters of negative growth coincided with a recession. But the recession-is-already-here argument …

The US economy didn’t get the recession memo Read More »

Hybrid work ‘bigger concern' than inflation or recession for commercial real estate: expert

Hybrid work ‘bigger concern’ than inflation or recession for commercial real estate: expert

Commercial real estate is down and hybrid work is a big reason why, according to one real estate executive. According to data from MSCI, commercial real estate transactions fell 22% in the second quarter from a year ago. And while inflation and an economic recession are both weighing heavily on the minds of real estate …

Hybrid work ‘bigger concern’ than inflation or recession for commercial real estate: expert Read More »

Danger ahead: The U.S. economy has yet to face its biggest recession challenge

Danger ahead: The U.S. economy has yet to face its biggest recession challenge

A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an …

Danger ahead: The U.S. economy has yet to face its biggest recession challenge Read More »

Recession Mongers Shocked & Horrified by this Surge in Employment

Recession Mongers Shocked & Horrified by this Surge in Employment

They’re praying for a recession to “force” the Fed to pivot. But it’s tough to have an official recession with employment growing, wages surging. By Wolf Richter for WOLF STREET. It wasn’t the hottest growth in jobs ever, but it was big and exceeded the pre-pandemic average job growth. Employers added 528,000 workers to their payrolls in July, …

Recession Mongers Shocked & Horrified by this Surge in Employment Read More »

Is the economy in a recession? ‘What you call it is less relevant,’ says one economist: Here’s ‘what really matters'

Is the economy in a recession? ‘What you call it is less relevant,’ says one economist: Here’s ‘what really matters’

‘We should have an objective definition’ Officially, the NBER defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” In fact, the latest quarterly gross domestic product report, which tracks the overall health of the economy, showed a second consecutive contraction this year. Still, …

Is the economy in a recession? ‘What you call it is less relevant,’ says one economist: Here’s ‘what really matters’ Read More »

Sterling falls as BoE expects recession, U.S. futures up

Sterling falls as BoE expects recession, U.S. futures up

Bank of England hikes rates by 50 basis points BoE expects recession throughout 2023 Fed official: 50bp hike in Sept “reasonable” Oil stabilises after hitting six-month low Lufthansa returns to operating profit LONDON, Aug 4 (Reuters) – Sterling fell on Thursday after the Bank of England followed its counterparts in the United States and euro …

Sterling falls as BoE expects recession, U.S. futures up Read More »