Wells Fargo sees end of year U.S. recession, cuts GDP view
© Reuters. FILE PHOTO: A person pushes a shopping cart in a supermarket in Manhattan, New York City, U.S., March 28, 2022. REUTERS/Andrew Kelly (Reuters) – Wells Fargo (NYSE:WFC) Investment Institute said on Wednesday it adjusted its economic expectations to make a mild U.S. recession its base case for the end of 2022 and early 2023 based on economic data.
Wells Fargo’s research arm also cut its year-end 2022 Gross Domestic Product (GDP) growth target to 1.5% from 2.2% and cut its year-end 2023 target to a decline of 0.5% from GDP growth of 0.4%. It kept its 2022 year-end Consumer Price Index (CPI) inflation estimate at 7.7%.
It also cuts its S&P target for year-end 2022 to range of 4,200-4,400 from a range of 4,500-4,700 but kept its 2022 EPS estimate at $220.
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