On Tuesday Germany’s Deutsche Bank Becomes First Major Bank to Forecast Biden Recession
One month ago, as The Gateway Pundit reported at the time, there were signs that the economy was moving into a recession.
The signs continue to show a slowing of the US economy under Joe Biden.
The IHS Monthy GDP Index shows the US GDP has decreased from last October 2021’s high. Simply put, the US economy is decreasing, not growing.
Not only is the US heading into a recession, but inflation is also at either all-time or 40-year highs.
What a mess Biden has made of this economy in just one year. And it looks like there are more difficult days ahead.
Germany’s Deutsche Bank became the first major global bank to forecast a Biden recession.
Forbes reported:
An increasing number of Wall Street experts are now forecasting a possible economic downturn on the horizon, with alarms growing louder after the widely-observed yield curve inverted last week and indicated a looming recession.
Deutsche Bank on Tuesday became the first major bank on Wall Street to forecast a recession next year, albeit a “moderate” one, thanks to the combination of surging inflation and rising interest rates.
The firm’s economists predict the U.S. economy will take a “major hit from the extra Federal Reserve tightening by late next year and early 2024,” while also predicting “two negative quarters of growth and a more than 1.5% rise in the U.S. unemployment rate.”
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