China Daily via REUTERS
“Business confidence is now at a level which would typically herald an economic downturn, adding to the risk of recession,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. “With the price indices remaining extremely strong, the euro zone appears to have entered a period of stagflation.”
Despite Mr. Powell’s comments a few primary dealers have either started predicting a recession as early as this year or have brought forward their recession calls. “Stagflation, which is characterized by persistent high inflation, high unemployment and weak demand, has become the dominant risk theme since late 1Q22 and a plausible potential risk scenario,” said Fitch Ratings in a report released this week.
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