Wells Fargo Investment Institute said on Wednesday it reduced its economic expectations with a mild U.S. recession now on the horizon in its base case scenario for the end of 2022 and early 2023, making it one of the more bearish big U.S. banks.
Bank of America CorpRegister now for FREE unlimited access to Reuters.comWells Fargo's research arm also cut its year-end 2022 Gross Domestic Product growth target to 1.5% from 2.2% and cut its year-end 2023 target to a decline of 0.5% from its previous expectation for GDP growth of 0.4%.
It forecast a peak-to-trough contraction of 1.3% for three quarters. This would compare with the pandemic-induced 10% contraction in 2020, the 3.8% fall in the 2008-2009 financial crisis and the 0.1% dip in 2001 and the 1.4% drop in 1990/1991. While a first-quarter 2022 economic contraction was due primarily to strong imports and inventory changes, Wells Fargo noted that "consumer activity has weakened since then."
It cited the development of all three major risks identified in its December 2021 outlook including new COVID-19 outbreaks and restrictions, higher-for-longer inflation and a much stronger dollar. It said these issues were due to the Russia-Ukraine war and aggressive Federal Reserve policy.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Wells Fargo Center announces Allentown-based Shift4 as its official payment processor for tickets and concessionsDaily News | Wells Fargo Center announces Allentown-based Shift4 as its official payment processor for tickets and concessions
続きを読む »
Toyota taps wells to beat water supply disruption in central JapanToyota Motor Corp is using well water at its factories to avoid the impact of an industrial water supply disruption in central Japan, a spokesperson said on Wednesday.
続きを読む »
Jo Brand's very quiet life in Tunbridge Wells and her famous daughterJo Brand's life off screen is quieter than most would expect
続きを読む »
National homebuilder confidence drops to 2-year lowFor the fifth straight month, national homebuilder confidence fell, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
続きを読む »