J.P. Morgan: Expect the US Economy to Contract in Q1

J.P. Morgan could be the first major Wall Street banks to sound the alarm warning of a shrinking economy.

J.P. Morgan: Expect the US Economy to Contract in Q1

J.P. Morgan could be the first major Wall Street banks to sound the alarm warning of a shrinking economy. On Friday, the banking firm disseminated a document stating that “this winter will be grim,” and “we believe the economy will contract again.”

According to their data, the bank expects GDP growth to slow to only 2.8% in the fourth quarter while shrinking an additional 1% over the first quarter of 2021.

Although the outlook for Q1 looks bleak, the firm does express an optimistic outlook for the second and third quarters expecting reinvigorated growth of 4.5% and 6.5%, respectively.

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