MONEY

Goldman Sachs warns of potential recession in the next two years

Apr 20, 2022, 12:06 PM | Updated: 12:15 pm
the Fed...
The Federal Reserve Building in downtown Washington DC, USA at night. HDR image.

SALT LAKE CITY — Goldman Sachs predicted that there’s a 35 percent chance we’ll have a recession in the next two years. 

Deutsche Bank was the first major bank to issue a warning about a possible recession earlier this month.

This came at the same time the Federal Reserve announced several interest rate hikes to address frenzied growth. 

Goldman Sachs analysts looked at historical patterns and came to the conclusion that the Fed has “a hard path to a soft landing.” 

But you’re not out of options if there is a recession., according to one financial planner.

“We actually have recessions more than we think,” said Shane Stewart, DMBA certified financial planner. “It’s just when they’re pronounced, and long-term recessions is when we sit up and take notice.” 

Stewart suggested preparing for any possible downturns in the economy. 

“Making yourself employable, making sure you have the skills or the education to be employable,” Stewart said. “And then really not having more debt than you can handle.” 

He also encouraged people to set some cash aside now.

He pointed out that we’ve gone through recessions before — like at the start of the pandemic — that were extremely short.

Today’s Top Stories

Money

Mom and daughter with piggy bank. Parents can have a big role in the financial education of their k...
Adam Small

BYU study finds role-modeling, hands-on learning most effective financial education for kids

Financial education from parents to their children is best done through modeling and hands-on learning, according to researchers.
4 days ago
Fallen palm trees lay over the Ports of Call Resort entrance after the passage of Hurricane Fiona i...
Alejandro Lucero

How to avoid scammers when donating to hurricane relief

Scammers are targeting many well-intentioned people who are looking to donate to those affected by Hurricane Fiona. Learn how to donate effectively.
4 days ago
Mandatory Vehicle Safety Inspections...
Jessica Lowell

Extending the life of your car: Getting more miles out of your vehicle

New and used vehicles have a hefty price tag. There are many ways car owners can keep their cars running longer.
4 days ago
Multiple credit cards...
Martha C. White, CNN

America’s dependence on credit cards is growing. The Fed’s rate hike will make it more painful

Data from Bank of America reflects higher rates of borrowing among lower income Americans. Credit utilization, a ratio of how much available credit a person has used as a percentage of their credit limit, has been rising since early 2021.
5 days ago
A hand holding a car key....
Jessica Lowell

Extending the life of your car: are extended warranties worth the cost?

When are extended warranties on vehicles worth the cost? Advice on warranties and how to extend the life of your car.
5 days ago
BYU study COVID money...
Elizabeth Weiler

Utah’s young adults being launched into the world of financial responsibility

Because young adults are rarely in personal high-income situations, they are categorized as low-income, making them at higher risk for credit card debt. 
6 days ago

Sponsored Articles

a worker with a drill in an orange helmet installs a door in the house...
Price's Guaranteed Doors

Home improvement tip: Increase the value of your home by weatherproofing doors

Make sure your home is comfortable before the winter! Seasonal maintenance keeps your home up to date. Read our tips on weatherproofing doors.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
A paper reading IRS, internal revenue service is pictured...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Goldman Sachs warns of potential recession in the next two years