When Silicon Valley Bank went bankrupt in March, Dhaval Joshi, BCA Research's chief strategist, told the Guardian it "presages an economic recession that is more imminent than many people anticipate.”
His prediction was one of many at the time, as experts hotly debated when a U.S. recession might start, how bad it could be, and even whether it would happen at all. (In fact, it was probably the most widely predicted recession ever.) At first glance, it appears that Joshi's prediction didn't quite pan out. Roughly five months later, the U.S. economy is plugging along with inflation subsiding and unemployment remaining near lows it last enjoyed in the 1960s—while GDP growth for the first quarter was even revised upward.
