JP Morgan Shifts To No US Recession Expected, Crypto's Outlook Turns Bullish
JP Morgan Shifts Opinion To No Recession The bank swiftly raised its real annualized GDP growth projection for the ongoing quarter from a mere 0.5% to an impressive 2.5%, a substantial leap reflecting the economy’s vigorous pace of growth. Michael Feroli, the chief economist, underscored this shift in a research note released on the same day. advertisement The momentous announcement triggered a market reaction, with the S&P 500 plummeting by 50 points and wiping out a staggering $400 billion in market capitalization within minutes of the news. This abrupt pivot now positions the bank with an outlook of “modest, sub-par growth” for 2024, as noted by Chief US economist Michale Feroli. This transformation in perspective is attributed to promising gains in productivity, heralding the promise of “healthy non-inflationary growth.” In a related event, Raphael Bostic, president of the Atlanta Federal Reserve, highlighted the significanc...