Bank of America Global Research discusses the US economic outlook.

"We think a mild recession outcome is more likely than a soft landing. Our outlook calls for the economy to slip into recession later this year and for a combination of a short-lived decline in GDP and a period of below-trend growth to push the unemployment rate 1.0pp higher over the coming year," BofA notes.

"Together with relief from global commodity prices and some reversal in the shock to relative goods prices, slower momentum in the domestic economy and labor markets would help restore price stability in 2024," BofA adds.

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