an oncoming recession in the U.S. economy sometime later this year—joining the likes of Deutsche Bank, Goldman Sachs and Nomura—a forecast that comes on the same day when the Labor Department released data showing inflation in the U.S. hitting another 40-year-high.
In a statement, Bank of America said it now forecasts a “mild recession” later this year with the country’s GDP the fourth quarter shrinking by 1.4%.that a “mild recession” sometime around the end of 2022 was now more “likely” due to the Fed’s decision to sharply hike rates and projected that the U.S. economy is likely to contract by 1% next year.
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