A Bank of America analyst warned that the U.S. economy is deteriorating fast and could push the country into a recession just three days after Deutsche Bank predicted the fall to come in 2023 as the tightens interest rates to tame surging . BofA chief investment strategist Michael Hartnett wrote in a note to clients: ''Inflation shock' worsening, 'rates shock' just beginning, 'recession shock' coming.'He added that in this context cash, volatility, commodities and cryptocurrencies could outperform bonds and stocks, a typical precursor to an economic recession.
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