Economist David Rosenberg told Insider that Fed employees laughed at his recession call in 2007.Rosenberg says the US economy is now on the brink of another downturn.delivered a presentation to economists and members of the research team at the Federal Reserve detailing why a downturn was coming.
"The person who headed the meeting for the Fed said, 'Mr. Rosenberg are you aware that the S&P 500 is at an all-time high today,'" Rosenberg told Insider."And a recession started two months later." The Federal Reserve declined to comment for this story. The index takes into account 10 different leading indicators, including: the gap between 10-year Treasury yields and the fed funds rate; stock-market performance; manufacturing activity; consumer sentiment; initial unemployment claims; home building permits; and more.
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