Economists Warn of Impending Recession and Market Turmoil
Economist David Rosenberg has warned that the US economy is headed for a severe recession, citing the Philly Fed's manufacturing survey, which has recorded its seventh consecutive negative reading in March. Rosenberg has been sounding the alarm on financial markets and the economy for a while, and recently warned that the S&P 500 could plummet by nearly a quarter from its current level to around 3,000 points, and house prices might bottom 25% below their peak last year.