First on Wall Street, Deutsche Bank forecasts U.S. to enter recession next year
One of the big questions over the past week or so is whether to listen to the bond market’s apparent warning that the U.S. economy may slide into recession after the Federal Reserve goes into a tightening frenzy.“Two shocks in recent months, the war in Ukraine and the buildup of momentum in elevated U.S. and European inflation, have caused us to revise down our forecast for global growth significantly,” say economists at Deutsche Bank. “We are now projecting a recession in the U.S.
The economists acknowledge the recession call is out of consensus, but it doesn’t expect that will be the case for long. “Rarely have fundamentals based on historical experience and conventional recession indicators lined up so well to point toward this outcome,” they say. The U.S. is expected to announce a new round of sanctions against Russia, including on investments. Treasury Secretary Janet Yellen is testifying on Russia on Wednesday, in front of the House Financial Services Committee, where she will say that there will be “enormous economic repercussions for the world,” in food and energy security as well as debt sustainability.
Cannabis provider Tilray Brands TLRY, -5.64% swung to a profit as revenue climbed 23%. It also inked a partnership agreement with Whole Foods for powder distribution.
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