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US Recession Is Already Here, According to Wells Fargo Investment Group

  • Bank’s Investment Institute sees 2nd quarter GDP contraction
  • Forecast differs from economics team, which sees ‘23 recession

There’s no need to fret about the timing of a US recession anymore, according to Wells Fargo Investment Institute -- because we’re already in one.

The investment strategy arm of the bank says the US is entering a recession in the second half of the year -- in other words, now -- amid inflation that’s faster and more broad-based than expected, weakening consumer sentiment and corporations flagging a shift in spending. That forecast differs from just over a month ago, when the group saw a mild recession and not until the end of this year, but moved up the timing and the severity to “moderate.”