HSBC Asset Management has warned that the US will enter a Recession in Q4 2019, followed by a “year of contraction and a European recession in 2024.” According to the British banking giant’s midyear outlook, recession warnings are “flashing red” for many economies, and fiscal and monetary policies are out of sync with stock and bond markets. While some parts of the economy have remained resilient, the balance of risks “points to high recession risk now,” with Europe lagging the US but the macro trajectory generally “aligned.”

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