That's due to a recent contraction in the money supply, which preceded past downturns, he told NYSE TV Live.
The US economy is still likely to slow into a recession next year — and Trump's election victory may have just made the economic outlook even more challenging, according to top economist Steve Hanke.
AdvertisementM2, one class of the money supply, shrank from mid-2022 to March 2024, according to Federal Reserve data.
The M2 money supply started to re-expand this year, rising 2.47% year-per-year at the end of September.
Trump's protectionist economic policies also impose a "big negative" for the economy, Hanke said.
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