‘Old Fashioned’ US Recession Is Looming, State Street’s CEO Says
- O’Hanley highlights buildup of inventories, supply-demand gap
- CEO applauds Fed for being agile in reacting to data
This article is for subscribers only.
State Street Corp. Chief Executive Officer Ron O’Hanley said the US is likely to dip into an “old-fashioned” type of recession, perhaps starting late this year, as inventories build up in face of weakening demand.
“Speaking completely personally, I think the likelihood is there will be a recession,” in terms of two consecutive quarters of negative growth, O’Hanley said in an interview Friday. “If I had to guess, late ’22, early ’23,” with evidence probably magnified in the holiday season, he said.