Asian markets are mixed as the region awaits Australia's May inflation figures and industrial profits out of China.
The Federal Reserve could trigger a recession in the early months of 2024, Seth Klarman says
A recession could hit the U.S. economy early next year, according to Baupost Group chief executive officer Seth Klarman. "The goal of the Fed is to reduce the heat in the economy, and one way to do that is to trigger some kind of recession," Klarman told CNBC's " " Tuesday. "It's been slow developing, [and] some people think that the excess cash in people's pockets will start to run out around year-end, so maybe it's an early 2024 event"The outlook from consumers brightened more than expected in June even with an expected recession on the horizon,Consumer confidence for the month rose to an index value of 109.7, up from 102.5 in May and better than the Dow Jones estimate for 104. That was the highest reading since January 2022.
New questions focused on household finance showed 30% of families expecting their situations to improve in the next six months against just 14% seeing worsening conditions. The survey also showed a decline in those expecting a recession, though still at 69.3% from the 73.2% in May.
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