Wall Street expert predicts recession, US decline by 2024.
Wall Street Veteran: Recession is Inevitable, US Economic Decline Will Begin in 2024
Jeremy Grantham, the co-founder of investment firm Grantham Mayo Van Otterloo, has been a prominent figure in the world of Wall Street for many years. With his extensive experience and expertise in the economy, he is someone worth listening to.
In a recent interview with Bloomberg, Grantham boldly stated that despite the optimism of some so-called “experts,” an upcoming American economic recession is unavoidable. This contradicts the beliefs of economists and Federal Reserve staff members who believe that a recession can be avoided.
Grantham explained why he disagrees with these experts, particularly those from the Federal Reserve. He criticized the Reserve’s track record, stating, “The Fed’s record on these things is wonderful. It’s almost guaranteed to be wrong. They have never called a recession, and particularly not the ones following the great bubbles.”
Wall Street veteran Jeremy Grantham says the Federal Reserve is dead wrong when it says a recession can be avoided.
“We will have a recession running, perhaps, deep into next year.” pic.twitter.com/WqTGnSltBu
— Michael Austin (@mikeswriting) September 3, 2023
Grantham’s predictions have been accurate in the past, including foreseeing the economic downturns of 2000 and 2008. He believes that the current situation in the United States will lead to a recession that could last well into the next year, accompanied by a decline in stock prices.
Grantham has also expressed his views on inflation and interest rates. He suspects that inflation will never be as low as it has been in the past decade and that we are entering a period of moderately higher inflation and interest rates. He emphasizes the simple relationship between rates and asset prices, stating, “Low rates push up asset prices. Higher rates push asset prices down.” He believes that we are now entering an era of higher rates compared to the last 10 years.
It is clear that Grantham’s insights and predictions carry weight in the financial world. As we approach 2024, it will be interesting to see if his forecast of an inevitable recession and economic decline comes to fruition.
The post Wall Street Veteran: Recession is Inevitable, US Economic Decline Will Begin in 2024 appeared first on The Western Journal.
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