The U.S. economy could be heading for a recession in the next year, according to growing warnings from banks and economists, as a sudden bout of pessimism hammers financial markets, the Washington Post website reports today (May 19, 2022).
Although major swaths of the economy -- including the job market and consumer spending -- remain robust, there are mounting worries that rising borrowing costs for consumers and businesses , after years of near-zero interest rates, could cause a sudden retrenchment.
Continued uncertainty from the coronavirus pandemic and Russia's invasion of Ukraine are adding to the uneasiness.
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