Wall Street Wearies Of Washington Waffling Over Stumbling Stimulus Package
A typically optimistic Wall Street is finally accepting the dwindling likelihood of a near-term stimulus deal, and it's showing up in their forecasts.
Markets Insider reports companies' latest GDP forecasts are showing a growing pessimism toward the economy's chances if Americans don't get more help.
Goldman Sachs halved its GDP growth forecast to 3% on Wednesday. JPMorgan followed suit a day after, cutting its estimate to 2.5% from 3.5%.
Morgan Stanley and Bank of America trimmed their expectations earlier in the month.
All four of the Wall Street giants blamed their glass-half-empty outlook on the failure of the US Congress to deliver a second round of aid.
Still, Treasury Secretary Steven Mnuchin told the Senate Banking Committee he and House Speaker Nancy Pelosi continue to negotiate on new aid.
Markets Insider reports companies' latest GDP forecasts are showing a growing pessimism toward the economy's chances if Americans don't get more help.
Goldman Sachs halved its GDP growth forecast to 3% on Wednesday. JPMorgan followed suit a day after, cutting its estimate to 2.5% from 3.5%.
Morgan Stanley and Bank of America trimmed their expectations earlier in the month.
All four of the Wall Street giants blamed their glass-half-empty outlook on the failure of the US Congress to deliver a second round of aid.
Still, Treasury Secretary Steven Mnuchin told the Senate Banking Committee he and House Speaker Nancy Pelosi continue to negotiate on new aid.
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