CNBC’s Steve Liesman joins ‘Power Lunch’ to report on JPMorgan calling off its recession forecast for 2023. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
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JPMorgan, one of the world’s leading financial institutions, has recently called off its forecast for a recession this year. This comes as a surprise to many, as fears of an economic downturn have been mounting due to the ongoing coronavirus pandemic.
In a recent statement, JPMorgan stated that despite the unprecedented challenges faced by economies across the globe, they now believe that a recession in 2020 is unlikely. This comes as a result of various factors, including the massive stimulus measures implemented by governments and central banks, as well as the gradual reopening of economies.
The initial forecast made by JPMorgan, like many other financial institutions, was based on the assumption that the Covid-19 pandemic would cause a severe and prolonged economic contraction. However, the swift actions taken by governments and central banks to mitigate the impact of the pandemic have seemingly paid off, at least for now.
The infusion of trillions of dollars in stimulus packages has provided a lifeline for struggling businesses and individuals. These measures have helped to contain the economic fallout and prevent a complete collapse of various sectors. Additionally, the gradual reopening of economies has led to a gradual recovery, albeit at a slower pace.
While JPMorgan has called off its recession forecast for this year, it continues to anticipate an elevated risk of a recession next year. This is mainly due to the lingering effects of the pandemic, such as high levels of unemployment, weakened consumer spending, and continued disruptions across various industries.
The road to economic recovery will not be an easy one. Many countries are still battling the virus, and the possibility of a second wave remains a significant concern. Additionally, the long-term effects of the massive stimulus measures, such as increased government debt and low-interest rates, could pose challenges to sustainable economic growth.
It is important to note that JPMorgan’s revised forecast should not be taken as an absolute guarantee. The future of the global economy remains highly uncertain, and much depends on the containment of the virus and the effectiveness of economic policies.
Ultimately, JPMorgan’s decision to call off its recession forecast for this year provides a glimmer of hope amidst the gloom. It indicates that the efforts made by governments and central banks have had some positive effects in averting an immediate economic catastrophe. However, the battle is far from over, and the road to recovery remains uncertain. Vigilance and concerted efforts will be crucial in navigating the challenges that lie ahead.
j p morgan mumbai se bhi sab ko nikalo jitno ki jarurat hai utney hi employees lo,and salary cutt off should b done.per employees salary is 70000 rs mthly ,pagal hai kyaa company, ye company Utth jategi
Rather than attempting to predict future recessions and risking financial losses, a more effective strategy is to build a well-diversified portfolio that can withstand various market conditions. This approach has allowed some individuals to consistently generate substantial returns, averaging around 150K every quarter as reported by Bloomberg.
I want to believe this.. I really really do.
It's literally caused by them closing banks
It stuns me enormously the way that I go from carrying on with a typical way of life to making over 63k each month through consistently compounding my income via assets to create more cash flow. I grew to a 7 figure well-diversified portfolio knowing where to focus having exposure to different prolific investments mainly savings account, stocks, bonds and high yield dividend funds.I've gleaned some useful knowledge throughout recent years that there are a lot of plenty opportunities in the financial markets;all it takes is just to focus on the right thing. Credits to Gregory Thomas Patchak
This recession is almost certainly caused by an external reason. For the first time in decades, the United States' clout as a government reserve currency is dwindling. They don't have any more economies to employ to keep inflation under check, and less money is being spent on stock and oil trading than in the past. They all lend credence to the notion of a new multilateral global order in the making.
The economy is great except in the housing market, a crisis for buyers and sellers. No access. Unaffordable. Slave system.
Feds fight is against oil and commodities. As soon as they pivot these will go up again.
Good job, Powell.
This didn't age well
So we all good huh? Time to short the market then.
Making money is action. keeping money is behavior. Growing money is knowledge. I'm excited I started earning upto 15thousand dollars extra income.
What a joke, record high gas prices, record HIGH food prices. Feels like a recession to me