(THE EPOCH TIMES) – Bank of America (BofA) strategist Savita Subramanian believes the United States is not facing a “typical recession” and expects the economic slowdown to extend into the next year, while also raising alarm bells about the Federal Reserve’s quantitative-tightening policy.
“This is not your typical recession, because I think what’s happening is that you’ve still got a very strong consumer. Look at the retail sales data. Look at credit card data—jumped in January. Never underestimate the U.S. consumer,” Subramanian, the head of U.S. equity and quantitative strategy at BofA, said in an interview with Fox. U.S. retail sales had risen by 3 percent in January, which is the largest increase since March 2021. The jump followed a 1.1 percent decline in December.
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However, the interviewer pointed out that the retail sales data are not adjusted for inflation and that the consumer was paying more for goods and services.
