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Wall Street is tempering its hopes for the US recovery. A handful of big banks say it’s the American people who spoiled the party.
With the Delta wave on the rise, causing a dip in consumer spending and confidence, Goldman Sachs slashed its forecast for third-quarter gross domestic product growth to 5.5% from 9% on Wednesday. Bank of America followed on Friday, cutting its GDP estimate to 4.5% growth from 7% and officially implying the recovery peaked in the second quarter.
Bank economists aren’t the only ones on Wall Street growing more pessimistic toward the recovery. details ⇒
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