.GoldmanSachs raised the chances of a recession in the United States to 35%, up 10 percentage points from its previous prediction, in the aftermath of Silicon Valley Bank's collapse and a dip in stock futures for large US banks.
The bank released its recession odds on Thursday,"reflecting increased near-term uncertainty around the economic effects of small bank stress."Goldmach Sachs's chief economist Jan Hatzius is the only Wall Street economist to raise the chances of a recession following a week of financial turmoil. He also predicts that GDP will fall from 0.3% to 1.2% for the upcoming quarter.
“I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them," Yellen is expected to say per her prepared remarks. Silicon Valley Bank, the 16th largest bank in the United States, collapsed last week after a run on the bank, leading to clients withdrawing $42 billion in a single day. By the end of Thursday, the bank had a $958 million negative cash balance, and its stock price had fallen about 60%.
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