Key metric that historically has been a precursor to a recession emerged Friday.
Spencer Platt / Getty ImagesGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.A key metric that historically has been a precursor to a recession emerged on Friday, reinforcing fears on Wall Street — although some experts think a recession could still be a year or more out.
“It may not necessarily mean total negative growth, but it could mean a real slowdown,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “That’s what the market is really spooked about,” he said. A series of interest rate increases by the Federal Reserve over the past few years means that monetary policymakers in the U.S. have more flexibility than their counterparts overseas in that they have more room to cut rates if economic conditions warrant it. “That’s a luxury other developed markets don’t have,” Barnes said.
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