Around this time last year, Nouriel Roubini, the famed economist who has earned the sobriquet Dr. Doom on Wall Street for his gloomy outlook on markets, warned that it would be “mission impossible” for the U.S. to avoid a severe recession in 2023. At the time, the CEO of Roubini Macro Associates feared that the Federal Reserve, in its quest to tame inflation that reached a four-decade high above 9% in June 2022, would ultimately slow the American economy to a standstill with its aggressive interest rate hikes. Highlighting record-high global private and public debts and the steadily increasing economic price tag of the war in Ukraine, he forecast a “stagflationary debt crisis” or even “a variant of another Great Depression.”
Now though, Roubini believes the U.S. economy may have avoided these terrible fates—at least for the time being.
