PIMCO Chief Warns About Potential US Recession, ‘Significant Growth Slowdown’

A trader works on the floor of the New York Stock Exchange in this undated file photo. Traditional indicators point to an upcoming recession. Mario Tama/Getty Images

Andrew Balls from investment firm PIMCO has warned about the possibility of a recession in the United States, with Europe likely to face a similar situation.

The chance of America slipping into a recession over the next 12 months is “probably more likely than not,” the global chief investment officer for fixed income at PIMCO said while speaking at a webinar on June 30, according to Reuters. He put the recession probability close to 50 percent or slightly higher.