Economists at the country's largest bank bailed on their recession call, joining a growing chorus that now thinks a contraction is no longer inevitable.
JPMorgan Chase economists on Friday bailed on their recession call, joining a growing Wall Street chorus that now thinks a contraction is no longer inevitable.
Michael Feroli, chief economist at the nation's largest bank, told clients that recent metrics are indicating growth of about 2.5% in the third quarter, compared to JPMorgan's previous forecast for just a 0.5% expansion. Along with positive data, he pointed to the resolution of the debt ceiling impasse in Congress as well as the containment of a banking crisis in March as potential headwinds that have since been removed.
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