US Recession Coming Within 12 Months, Chief Economist Predicts

US Recession Coming Within 12 Months, Chief Economist Predicts
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This is a modal window. No compatible source was found for this media. There will be an economic recesion in the United States within the next 12 months, argues Wall Street “perma-bear” David Rosenberg, chief economist and strategist at Canadian independent wealth management firm, Gluskin Sheff + Associates Inc. Rosenberg first predicted a recession will hit the U.S. in December 2018 and repeated this warning last June when he said the U.S. GDP doesn’t even have to drop for the country to fall into a recession. He also repeated the observation a country won’t know it’s in a recession until a year later. Rosenberg again repeated his warning of a looming recession over the weekend, after the U.S. Federal Reserve System cut interest rates by a quarter point on Sept. 18, the second time since July 31 it cut rates. “There’s a recession coming in the next 12 months,” asserted Rosenberg on CNBC’s “Futures Now" last week. He said it’s just a matter of time until economic data proves his point, and the Fed is forced to resume easing over the coming months. “I think that they’ll go in October and December and through 2020,” he estimates. Rosenberg said nothing the Fed will do — even dropping rates to zero, as president Donald Trump demands — will save the U.S. from a recession. “The economy is already slowing down,” noted Rosenberg. “Earnings are actually contracting.” He explained the only reason Fed chairman Jerome Powell hinted rates would only be […]

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