Fed's Bullard: Wall Street Overbetting on Recession Odds

The speaker discusses the likelihood of a recession by the end of the year, suggesting that while there is always some risk, the probability is overstated by Wall Street. The US economy is expected to experience slow growth for the rest of the year and into 2024, with recent economic performance being stronger than anticipated. The growth rate for the second quarter is projected at 2.9%, leading to an overall 2% growth for the year, which aligns with the trend growth rate. A recession could occur due to an unforeseen shock, but current indicators do not suggest a high probability.

What does the teacher suggest would need to happen for a recession to occur?

How does the teacher describe Wall Street's current view on recession probabilities?