The US is in a rolling recession that's hitting sector by sector, Bank of America's Keith Banks said.
Banks pointed to weakness in manufacturing, energy, and housing, though services remains strong.
He predicted a mild recession to come in the first-half of 2024, with GDP slowing 1%-1.5%.
"We think this sort of rolling recession has taken out that big-bang risk of a hard landing, which a lot of people were worried about at the beginning of this year," he later added.
Other commentators have turned more optimistic on the economy as the job market remains strong and inflation cools.
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