A Wall Street veteran is warning that the risks of an economic recession are steadily increasing.
As a major stock market index hit a new record high on Wednesday, one Wall Street veteran is warning that the risks of an economic recession are steadily increasing.crossed above 3,000 points, Art Cashin, managing director at UBS Financial Services, spoke to CNBC's "Squawk on the Street" about his forecast the U.S. economy.
"For the first time in a long, long time, [it] has popped above 30% likelihood of a recession in 2020," Cashin said. "Whenever it gets up to 30% it's had a pretty good history of calling it." "I would suggest to you that Powell is not only under the influence of the market," Cashin said, but the Fed is even "fearful." He said that Powell has "got to pretty much react" and "the Fed has got to keep the wheel moving."
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