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We don't need even close to these adverse scenarios to cause major havoc.
While Q1 GDP was revised higher for the US, that's looking back at what is now ancient history. Looking ahead at Q2 and beyond, not just recession perhaps worse in huge part because of what's being uncovered behind the growing credit crunch. The Fed's stress test uncovered substantial future risks.
Eurodollar University's Money & Macro Analysis
Federal Reserve Stress Test Results
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230628a.htm
https://www.federalreserve.gov/publications/files/2023-dfast-results-20230628.pdf
FINMA and the SNB issue statement on market uncertainty…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.