12:48 - 8.07.2022

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July 8, Fineko/abc.az. Wells Fargo considers that there is no need to worry about the risks of recession in the U.S. anymore, because the recession has already come.

ABC.AZ reports that Samir Samana, senior global market strategist at the investment group said: "There is a technical part of the recession, but there is also significant deterioration in consumption and employment. The technical part is the story of the 1st half of the year, and the main burden of unemployment and consumption accounts for 2nd half of the year."

This is something that, according to Samana, will be felt by Americans until the end of this year. They now forecast an unemployment rate of 5.2% by the end of 2023 and 4.3% this year, which is higher than their previous forecasts of 4.4% and 3.8%, respectively.

According to Samana, inflation will rise to 8.8% in June, which will force the Fed to act more aggressively in raising interest rates to cool down price increases, which will lead to an even greater shock to the labor market and consumer spending.