U.S. may be barreling toward recession in next year, more experts say

“Recession risks are high — uncomfortably high — and rising,” said Mark Zandi, chief economist at Moody’s Analytics. “For the economy to navigate through without suffering a downturn, we need some very deft policymaking from the Fed and a bit of luck.”

This week alone, former Goldman Sachs chief executive Lloyd Blankfein warned of a “very, very high risk” of recession; Wells Fargo CEO Charlie Scharf said there was “no question” that the U.S. economy is heading toward a downturn; and former Fed chair Ben Bernanke cautioned that the country could be poised for “stagflation” — a slowing economy combined with high inflation.

Those concerns come amid a smattering of data that points to economic cooling, particularly in interest-rate-sensitive sectors that are already feeling the brunt of the Fed’s promise to keep tightening monetary conditions. New home construction slowed in April. Mortgage demand continues to decline.