The U.S. economy is teetering on the brink of a recession, with nearly half of the CFOs from North America’s leading companies expecting a downturn by 2023. Traders have ramped up bets on a 72.5% chance of a 75-basis-point rate hike in September after Fed Chair Jerome Powell said that the U.S. economy would need tight monetary policy “for some time” before inflation is under control.
Moreover, the major benchmark indexes seem on track to finish the week down by about 3%. The Dow Jones closed the last month down about 4.1%, and the S&P and Nasdaq recorded losses of 4.2% and 4.6%, respectively.
