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JPMorgan now sees ‘reasonable’ risk U.S. and/or global economy ‘slips into recession’ in 2022

In a note released on Wednesday, after data showed first-quarter U.S. gross domestic product contracted by more than previously estimated, JPMorgan Chase & Co.’s Bruce Kasman and Joseph Lipton said “it is reasonable to consider the risk that the US and/or global economy slips into recession this year.” They said “rising concern about persistent inflation shocks has combined with news of a more aggressive Fed and sliding sentiment to materially shift our views on 2H22 growth.” Just a week ago, JPMorgan released a global markets outlook that indicated the firm’s economics department saw no recession materializing this year.

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