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https://www.theblaze.com/news/morgan-stanley-ceo-james-gorman-odds-recession

The Blaze

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TheBlaze Rated Right in May 2023 Blind Bias Survey

TheBlaze’s AllSides Media Bias Rating™ was confirmed as Right in our May 2023 Blind Bias Survey.

Respondents who rated their own bias as Left, Lean Left, Center or Lean Right rated TheBlaze as Right; respondents on the Right rated its bias as Lean Right. The average rating was Right, confirming AllSides existing media bias rating for TheBlaze.

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Morgan Stanley CEO James Gorman disclosed Monday that he believes the United States is at risk of recession, placing the probability at 50%.

"It’s possible we go into recession, obviously, probably 50-50 odds now," said Gorman, who was speaking at a conference hosted by his bank.

Gorman also appeared to take a shot at the White House, explaining that "it was inevitable this inflation was not transitory." The Biden administration claimed for months, beginning last year and into the early part of 2022, that inflation was transitory. But the heated economy always had a "legitimate recession risk," Gorman explained. 

"I used to think it was about 30%. It’s probably more like 50% now — it’s not 100%," he said. "It behooves you to be a little cautious."

Even if the U.S. economic tanks into a recession, Gorman predicted that a recession would not be "deep or long."

"I don’t think we’re falling into some massive hole over the next few years; I think eventually the Fed will get hold of inflation," he said. "You know that it’s going to be bumpy; people’s 401(k) plans are going to be down this year."