The US economy falling into recession within the next 12 months is a virtual certainty, according to the latest Bloomberg Economics forecast model released on Monday.
The dire projection surfaced just weeks before national midterm elections that will determine control of Congress. Just one week ago, an embattled President Biden insisted a recession was unlikely and said any downturn would be “very slight” if it does occur.
Bloomberg Economics’ latest statistical projections showed a 100% probability of a recession within the next 12 months as the US economy contends with decades-high inflation, Federal Reserve interest rate hikes and mounting geopolitical tensions.
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