No surprise here

Work from home, dine out: Wall Street adjusts to the new normal

CNN: 91% of American CEOs preparing for a recession — a long one.

Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation.

According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping 91% are predicting a recession in the next 12 months. What’s more, the survey, released Tuesday, found that only 34% of these CEOs think the recession will be mild and short.

“There has been tremendous uncertainty over the past two and a half years,” said Paul Knopp, chairman and CEO of KPMG US, referring to the Covid-19 pandemic and worries about inflation. “Now, we have another looming recession.”

Companies are preparing for a downturn and planning to cut expenses. A big way to slash costs? Job cuts. KPMG noted that more than half of the CEOs are considering workforce reductions to deal with a recession.

This commenter sounds off-the-wall paranoid, and exactly on target:

The word of Joe.. • 5 hours ago

The coming recession is by design. The Dems know as well as anybody they're losing control of the House and most likely the Senate too. They'll be able to blame the recession on the GOP since it will magically be correctly defined and start just when the new Congress gets sworn in. That's part of their election strategy plan for 2024.