Amundi CIO: Western markets set for 'slow-motion pain'

Vincent Mortier

Western markets are set for “slow-motion pain” as delayed recessions hit the US and Europe, Vincent Mortier, CIO of Amundi, has warned.

Speaking to Investment Week, Mortier argued that a recession in the US had been delayed by a growing deficit, with US growth "artificially pushed by fiscal spending". Therefore, the CIO predicted that the US would enter a recession in the final quarter of this year, estimating a roughly 1% loss in GDP. Global economy at 'critical juncture' in fight against inflation "We are pretty convinced that a recession will come to the US later this year, but the big question is how long it will last and how deep it will be," he said. Oncoming recession Mortier said that there were va...