![]() ![]() The huge checks that were sent to the unemployed could have been better used as incentives for them to become essential workers. In my opinion we are already in a recession due to the way Covid was handled. This newsletter was curated by Phil Rosen. Plus, Insider has a wide array of industry-specific newsletters - see them all here.Īnd keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. To see items 6-10, sign up here to receive the full newsletter in your inbox. This is a condensed version of Insider’s 10 Things Before the Opening Bell newsletter. This year, Coinbase stock has dropped roughly 80%. The firm's CEO said it is insulated from the FTX fallout, but it still hasn't been able to escape waning investor confidence in the broader crypto sector. Coinbase shares plunged as much as 6% on Thursday. The stock was down even more before the bell, but pared losses as the day went on. ![]() He shared his four-step process for finding a great deal.ĥ. This real estate investor owns more than 100 rental units, and said investors should be "a lot more excited to buy this year than last." A recession presents an opportunity to build wealth as a real estate investor, Mike Zuber explained. Depending on price range and city, your property could see anywhere from no change in value to a 20% correction. That's according to a 17-year Wall Street veteran - he shared his major predictions for real estate next year, and listed 10 cities that could see the most and least price changes in 2023.Ĥ. These are the "big reversal" drivers to watch out for.ģ. Bank of America analysts shared one area of the bond market that's set to deliver 13% returns in 2023. Bonds, like stocks, are having a terrible 2022, but that's going to change next year. What do you think the recession odds are for 2023?Ģ. You can read the full story about my conversation with Moody's chief economist here. It's not circa 2008, 2009, when prices fell 25%-30% nationwide."īut that 10% drop in home prices could be closer to 20% if a downturn does indeed arrive, Zandi said. I view that as a correction, it's not a crash. "I expect prices to be down 10% peak to trough, with no recession," he said. To see a similar crash in demand you'd have to look back to 2008, Zandi maintained. Now that mortgage rates have climbed to about 7%, compared to the roughly 3% of a year ago, demand is tumbling because fewer Americans can afford to buy. Because home-buying had gotten so hot during the pandemic, that tempers the potential downside. He shared, too, a nuanced prognosis on the housing market. But for now, even though policymakers were initially late in their bid to tame inflation, Zandi said a soft-landing still remains within reach - with a little bit of luck. He clarified that he wouldn't argue with someone who's betting on a downturn, as that's also a fair forecast. But at the end of the day, if you're saying, pick a side, the side I pick is no recession," he told me in a video call last night. Commentators for months have been sharing bleak outlooks for the economy. The way Mark Zandi sees it, the US is facing a 50% chance of a recession next year, but his baseline forecast actually sounds more optimistic than those odds. Sign up here to receive Insider’s full 10 Things Before the Opening Bell newsletter - directly in your inbox.ġ. Meanwhile, Twitter has locked its staff out of the company's office buildings until next week, as hundreds of employees refused to continue working under Elon Musk's new vision for the platform. In a wide-ranging conversation, Moody's Analytics' Mark Zandi broke down his US recession forecast and how a looming housing correction differs from 2008. I'm extra glad to see you here today, as I'm sharing what I learned from talking to one of the nation's top economists.īut first, our markets audio briefing is updating news headlines all day. ![]() Good morning, team. I'm Phil Rosen, reporting from New York. ![]()
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