Top executives at two of Wall Street’s biggest banks on Monday struck an optimistic tone about the trajectory of the US economy, arguing that consumers are in good financial health despite stark market signals that a recession is looming.
Speaking as US equities were sliding into bear market territory, Morgan Stanley chief executive James Gorman said that investors were forgetting that consumer and corporate balance sheets remain “very strong” following government stimulus during the coronavirus pandemic and years of cheap borrowing.
“I am totally relaxed about it. I don’t think we’re falling into some massive hole over the next few years,” Gorman said at a financial industry conference organised by Morgan Stanley.
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