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World outlook: The waiting game...

Podzept from Deutsche Bank Research

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The US Economy Is Likely to Enter a Mild Recession by the End of the Year

The consensus has joined us, but actually moved to pricing in an earlier, a mild recession than us. What is driving it? It's the Fed tightening that we've seen. As you mentioned, it's the most aggressive tightening and cycle since Volcker. We expect the consumer to weaken in the back half of this year as excess savings are gone and as student debt payments come back. And all of that, I think, is likely to lead to a downturn in the US economy by the end of the year.

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