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Famed economist David Rosenberg explains why he puts the odds of a recession at 80%. He says the Fed is squarely to blame.

Famed economist David Rosenberg explains why he puts the odds of a recession at 80%. He says the Fed is squarely to blame.
Screenshot via Bloomberg TV



The wheels of the next recession have been irreversibly set in motion by the Federal Reserve, according to David Rosenberg, the founder of Rosenberg Research and Associates.




Rosenberg was previously the chief economist of Merrill Lynch and Gluskin Sheff.




In a conversation with "The Sherman Show," a DoubleLine Capital podcast, he said the Fed's balance sheet reduction and interest rate hikes have tightened monetary conditions to levels that are consistent with previous economic downturns .




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When the Canadian economist David Rosenberg described the odds of the next US recession, a French expression came to mind: "les jeux sont faits."
It loosely translates to "the bets are made," and it's a gambling reference to when the roulette wheel is spinning.
What Rosenberg means is that the Federal Reserve has irreversibly set the wheels of the next economic downturn in motion, he explained on a podcast this month. Rosenberg recently left Gluskin Sheff to start his own firm, Rosenberg Research and Associates.
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