Brace for the US economy to crash-land as the banking turmoil creates a credit crunch, Allianz says
Brace for the US economy to flounder in the second half of this year because the turmoil in the regional banking sector is going to trigger a credit crunch, Allianz has warned.
"We expect the economic momentum to deteriorate during the second half of the year on the back of rapidly tightening credit conditions, exacerbated by the banking crisis," a team led by Allianz' chief economist Ludovic Subran said in the note. Allianz is expecting the turmoil that's rocked the US's regional banks in recent weeks to fuel a credit crunch.
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