The recession has already happened, according to Steve Auth, chief investment officer at Federated Hermes. Auth recently made headlines with his bold statement, predicting that the economic downturn that many feared was on the horizon has already occurred.

Auth points to a number of factors that support his claim. He notes that the global economy has been in a state of slow growth for several years, with stagnating wages and rising levels of debt. In addition, he highlights the fact that many countries, including the United States, have experienced declines in industrial production and slowing job creation.

Auth also points to the impact of the COVID-19 pandemic as a major catalyst for the recession. The widespread shutdowns and economic disruptions caused by the pandemic have led to a sharp decline in economic activity and a spike in unemployment. Auth believes that this has effectively pushed the global economy into a recession.

Despite his dire assessment of the current economic situation, Auth remains cautiously optimistic about the future. He believes that governments and central banks around the world are taking steps to support their economies and that we could see a gradual recovery in the coming months.

Auth’s comments have sparked debate among economists and investors, with some agreeing with his assessment while others remain more skeptical. However, his track record as an investment strategist with over 30 years of experience lends credibility to his predictions.

While the exact timing and depth of the recession may still be up for debate, it is clear that the global economy is facing significant challenges. Auth’s warning serves as a reminder to investors to remain vigilant and to carefully consider their investment decisions in the current economic climate.

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