Facing an uncertain economic outlook, bankers are clustering around the same, somewhat mealy-mouthed word to describe their expectations for 2023: 'mild.'
, bankers are clustering around the same, somewhat mealy-mouthed word to describe their expectations for 2023: "mild."Some readings — like unemployment at 3.5% — suggest a lot of strength.In post-earnings conference calls over the last week, high-powered financial execs repeatedly used the 'm-word' construction to describe what they see coming.
JPMorgan CFO Jeremy Barnum: "The firm's macroeconomic outlook ... now reflects a mild recession in the central case."Citigroup CEO Jane Fraser: "We continue to see the U.S. entering into a mild recession in the second half of the year." PNC Financial CFO Robert Reilly: "We're now expecting a mild recession in 2023, resulting in a 1% decline in real GDP."
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