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A recession is near according to Goldman Sachs’ CEO David Solomon.
According to the banking company’s leader, there is a two-out-of-three chance that the U.S. enters a recession next year, particularly if the stock market continues to fall.
Solomon gave a mere 35% possibility of a “soft landing,” where inflation cools and keeps the economy from entering a full-throttle recession.
“I would define a soft landing as we get inflation back close to 4% inflation, maybe we have a 5% terminal rate and we have 1% growth,” Solomon said at the Wall Street Journal’s CEO Council Summit. “I think there’s a reasonable possibility we could navigate a scenario like that.”
Economists have forecasted a less-drastic scenario, where the economy breaks even and experiences a downturn rather than an actual recession.
