All Aboard The Happy Train?
Bank of America became the latest to hop aboard the now-rather crowded Happy Train early last week, eagerly joining Team No Recession. The abrupt change of stance comes just a week after Federal Reserve Chair Jerome Powell told reporters that the central bank’s own economists are no longer forecasting a recession. As BofA economists put it in a note to clients on Wednesday;“Recent incoming data has made us reassess our prior view that a mild recession in 2024 is the most likely outcome for the US economy,”
The no-recession narrative appeared to have been endorsed by the latest Job Openings…
The skinny
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