The economy is facing a number of dangers ahead that could cause at least a mild contraction.
Despite some recent positive signs for the U.S. economy, the Wall Street consensus is holding out belief that a recession is lurking. A stubbornly strong labor market and services sector combined with resurgent housing data seem to suggest that the U.S. growth outlook is stable though perhaps not stellar.
Investment management giant BlackRock, for instance, sees significant economic risks from Fed policy and is advising clients to stay cautious. "Recession is foretold as central banks try to bring inflation back down to policy targets. It's the opposite of past recessions: Rate cuts are not on the way to help support risk assets, in our view," the firm, which manages $10 trillion for clients, said in a note this week.
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