‘No chance we’re having a soft landing’: David Rosenberg
Rosenberg sees the U.S. Federal Reserve ending its rate hikes soon — but says the economic damage has been done.
He expects U.S. businesses and consumers to cut spending, unemployment to rise, and companies and consumers to turn increasingly cautious as the U.S. economy slips into recession.
And, for anyone who is convinced that the Fed will pull off an economic “soft landing,” Rosenberg has two words: Dream on.
U.S. Treasury Secretary Janet Yellen says she doesn’t expect a recession. Chase JPM CEO Jamie Dimon says U.S. consumers are in good shape. What does your crystal ball say?
Rosenberg: Janet Yellen is a politician. And if I were in her shoes I would be saying the exact same thing.
It’s interesting to hear Jamie Dimon talk about how great a shape the U.S. consumer is in when we are seeing delinquency rates rise across virtually [the entire] gamut of the household borrowing space.
It’s equally interesting to hear Dimon talk about how great things are when the pace of bank lending, in the aggregate, is heading towards negative territory on a year-to-year growth basis for the first time since we pulled out of the Great Financial Crisis.
These bank CEOs may not be politicians, but they are quasipoliticians.
MarketWatch 24 July 2023
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