Deutsche Bank predicts the U.S. economy will Shrink by over 3% in 2023

Deutsche Bank says the U.S. is heading towards an earlier and worse recession than originally expected.

More specifically, the German bank predicts the U.S. economy will shrink by over 3% in 2023, and unemployment will peak at 5.5% by 2024.

What do those guys know, anyways? Deutsche Bank was the first to predict a U.S. upcoming recession back in April.

Since The Fed raised interest rates by 75 basis points last week, more major analysts have changed their views.

Goldman Sachs, for example, said the chances of the U.S. going into recession over the next year have doubled from 15% to 30%.

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