#recession #stockmarket #yahoofinance
This segment originally aired on March 9, 2023.
Investors are still digesting Federal Reserve Chair Jerome Powell’s hawkish comments on Capitol Hill this week, as they weigh the likelihood of a recession and try to assess the Fed’s path ahead. Thomas Kennedy, Chief Investment Strategist at JP Morgan Global Wealth Management, highlights key economic data points that mark a U.S. recession. “In the housing sector, the slowdown has been the fastest we have ever seen,” he says. Banks also play a big role. “Capital is being removed from the system. Banks are tightening their lending standards at really the fastest rate we’ve seen since COVID.” The other key indicator for Kennedy is the consumer. “You’re already seeing auto and credit card delinquencies start to rise from a very low level,” he says. The notion of a “no landing” scenario is the latest topic to dominate discussions among economists and strategists, but Kennedy emphasizes how that can get confusing. “It implies that interest rates can stay at these restrictive levels, but growth can still remain at trend.” Watch the full interview where Yahoo Finance’s Julie Hyman and Ines Ferre spoke to Kennedy here. Key video moments: 00:00:23 – Housing sector 00:00:42 – Banks’ lending standards 00:00:56 – Consumer indicators
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