Nathan Sheets, Citi Global chief economist, joins ‘Squawk on the Street’ to discuss his call for the economy going forward, what would be the more significant mistake for the Federal Reserve, and more. 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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We Expect a Recession in the First Half of Next Year, Citi’s Nathan Sheets
As the global economy continues to face uncertainty due to the ongoing COVID-19 pandemic, experts are now predicting a possible recession in the first half of next year. Among them is Nathan Sheets, Chief Economist at Citigroup (Citi), who believes that a downturn is imminent.
The pandemic has wreaked havoc on economies worldwide, forcing governments to implement lockdown measures and halting economic activity. These unprecedented disruptions have led to significant job losses, bankruptcies, and a decline in consumer spending. Although governments and central banks have intervened with massive stimulus packages and monetary support, it seems that the pandemic’s impact is still lingering.
According to Sheets, there are several reasons why a recession is likely to occur in the first half of next year. Firstly, the containment efforts to control the spread of the virus have resulted in increased debt burdens for individuals, businesses, and governments. As the financial toll continues to mount, it will take time for these entities to recover and rebuild their financial capabilities fully.
Secondly, Sheets points out that the unprecedented levels of monetary and fiscal support provided by governments and central banks cannot be maintained indefinitely. These emergency measures served as a lifeline to prevent a complete collapse of the global economy. However, they are not sustainable in the long run, and as these measures are eventually phased out, their withdrawal could have detrimental effects on economic growth.
Furthermore, the lingering effects of the pandemic and uncertain geopolitical landscape continue to weigh on business and consumer sentiment. As a result, companies remain hesitant to invest, and consumers remain cautious about their spending habits. These factors contribute to a sluggish recovery and can ultimately lead to a recession.
To mitigate the potential impact of a recession, Sheets suggests that policymakers must remain vigilant and be prepared to provide targeted support where necessary. This could include additional fiscal stimulus measures, such as direct payments to individuals and businesses most affected by the pandemic, or tailored lending programs to assist struggling industries.
Moreover, international cooperation and coordination among countries will be crucial. Joint efforts in managing the pandemic, sharing knowledge, and cooperating on economic policies can help stabilize and bolster the global economy during this challenging time.
While the prospect of a recession can seem grim, it is vital to remember that predicting the future with absolute certainty is impossible. The timing and severity of a possible recession remain uncertain, and economic indicators may change in unexpected ways. Therefore, it is crucial to closely monitor economic trends and adapt policies accordingly.
As we navigate through these uncertain times, it is essential for individuals and businesses to remain resilient and adaptable. By staying informed and prepared, we can weather the storm and make the necessary adjustments to protect our well-being and financial stability.
In conclusion, the global economy is at a critical juncture, and the potential for a recession in the first half of next year looms large. Nathan Sheets, Chief Economist at Citi, warns that several factors, including increased debt burdens, the withdrawal of emergency measures, and uncertain sentiment, contribute to this likelihood. However, through proactive measures, international cooperation, and resilience, we can work together to mitigate the impact and build a stronger, more resilient global economy.
If there's not a recession NOW IDK what IS.
Runs On Banks Are Going on Right Now! (But Let’s Keep This Quiet)
Remember this… “Nobody Knows Until Everybody Knows.” And When Everybody Knows, IT’S ALREADY TOO LATE.
Money is not meant to control people, rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place…,,..
the Recession is coming, and it is going to be the worst anyone alive has ever seen; maybe even a long one!
Going against what "experts" say rarely fail me
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Because, the immigrants don't know their jobs well. And, tell each other to not pay their bills or debts. They don't know the government bills are not personal islamic bills in the U.S. I'm in Texas. We don't have a gaming casino here. Oklahoma nearby has a casino the closest.
Never be a recession
I need to find a crossword puzzle…or book of jumbles of finance and CNBC terms phrases etc.
We'll have to put it in our waiting room at our financial offices.
Recession next year? What? We're ALREADY in a recession!
Better stop watching news, all the time the same thing, expect recession in next months, because is the most easy prediction….
Higher interest rates, climate change, and war. War is not free. All of these factors cost billions of dollars.
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.
wrong old fool
Fed needs to hold. Only thing intelligible I heard. Rest was nonsense filler.
Let's be honest they've been calling for a recession since Joe Biden won, lol.
What did you expect 12 months ago the same thing for right now?
LOL. Keep pushing it. Since it was supposed to be this year (which everyone predicted) and didn't happen, obviously it's moved to next year.
That’s silly. There won’t be any kind of recession. The demand for goods and services are way too high
i expect a recession second half of this decade or early next decade. put m on tv
it's all about the cycle alignments. retro above on top of longer outer cycles.
everything here is temporary except / accept the cycles.
The recession date gets pushed out every week. First it was 2022 then early 2023 then late 2023 then early 2024. Now it’s first half of 2024 so that could be Q1 or Q2. Next week we’ll be hearing late 2024.
this expecting recession thing is getting long in the tooth
The AI Sector Outperforming the General Tech sector in August. * SOUN… SoundHound Climbed 15 % week. Major customers include Pandora's….White Castle…Mercedes-Benz…Big Oven…Netflix…Hyundai…Kia….others. Loading the AI Dips.?
I ain’t saving jack crap all my money is being invested into stocks or crypto. The fall of the dollar bill is going to happen right before our eyes.