J.P.Morgan Predicts a Mild US Recession Next Year

J.P.Morgan Predicts a Mild US Recession Next Year
The exterior of the JP Morgan Chase & Co. corporate headquarters in New York on May 20, 2015. Mike Segar/Reuters
Reuters
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J.P.Morgan economists predict a “mild recession” in the United States in the back half of next year given expectations for the Federal Reserve to tighten monetary policy further in its battle against inflation.

The investment bank sees the economy contracting by 0.5 percent by the fourth quarter of next year, and possibly dragging into 2024. That is seen cutting 2023 U.S. gross domestic product (GDP) to 1 percent, almost half of its forecast for 2022.