Scott Bessent: ‘I can’t guarantee’ America will avoid a recession
CNNNew York CNN — Is a recession brewing in the US? Wall Street plunged last week after President Donald Trump said he was not ruling out a recession and that Americans should expect “a period of transition” across the economy. Meanwhile, on the same program, Treasury Secretary Scott Bessent said “there are no guarantees” there won’t be a recession. Former Treasury Secretary Larry Summers, who served under the Clinton administration, said in a CNN interview Friday that he believes there’s about a 50% chance of a recession occurring, with the risk “rising every day.” Even as markets got off to a better start this week compared to last week’s brutal drop, Summers said his forecast hasn’t changed. The revision resulted from ramped-up tariffs that the bank’s economists view as capable of putting a substantial drag on business activity to the point that it “throws the US economy and global economy into a recession.” Recent surveys indicated that businesses are delaying investments and seeing revenue decline as customers put off purchases, in part due to tariffs.
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