Renowned economist Gary Shilling has reportedly issued a stark warning about an impending recession in the U.S., forecasting a significant downturn in the stock market.
S&P 500 Could See A Major Correction, Warns Shilling
According to a report by Business Insider, Shilling predicts that the S&P 500 could drop by as much as 30% by the end of the year.
Shilling attributes the potential recession to ongoing economic vulnerabilities, noting that only a substantial increase in fiscal stimulus or strong consumer spending could prevent it.
However, he views both scenarios as unlikely. The housing market is sluggish due to high interest rates, and capital expenditures have sharply declined, despite a rise in AI-related investments.
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