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A clear majority of investors anticipate that the U.S. economy will slip into a recession by the end of 2024, according to a recent Bloomberg survey.
The survey was conducted from July 31 to August 4 and involved 410 investors.
Nearly two-thirds of the 410 respondents anticipate a downturn in the world's biggest economy by the end of next year, said the latest Markets Live Pulse survey – a weekly investor survey asking questions about different elements of financial markets.
A minority of 20 percent of respondents have even seen a slump in 2023, the survey showed.
On Monday, ratings agency Moody's downgraded the credit ratings of 10 U.S. banks and warned of possible cuts to more lenders.
Moody's announcement came after the ratings firm Fitch downgraded U.S. government debt rating in early August.
Morgan Stanley's Michael Wilson told Bloomberg that Fitch Ratings' downgrade of U.S. government debt last week and the ensuing selloff in the bond market suggests that "investors should be ready for potential disappointment" on economic and earnings growth.
(With input from agencies)
(Cover: Traders work on the floor of the New York Stock Exchange in New York, U.S., August 2, 2023. /CFP)
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Disinformation report hotline: 010-85061466