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Saturday, February 15, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Standard Chartered: A US economic recession is unlikely

“I think it’s not a huge downturn in the United States, I think it’s very unlikely,” Winters said. Until the economy slows down. Is this now leading to a deep recession? I think it’s not likely. Can we see a period of deflation? Yes.

Winters confirmed that Standard Chartered’s credit committee “didn’t tighten up its procedures at all” after the collapse of three US banks.

“We have received net deposits during this period of global anxiety and we have a very strong capital position and a very strong liquidity position as well,” he added, but noted that the bank needed to watch closely. changes in banking regulations.

Winters said central banks need to make sure banks that are highly liquid and in a good position have access to liquidity, adding he thinks the Fed didn’t do enough “at the height of the crisis.” .

He explained that the “reaction in the United States has been exemplary” and effectively contained the crisis, but added that the standard act was to provide liquidity to “struggling banks” before the crisis hit.

He added: “I’m not worried about problems in the banking sector in the United States or Switzerland, because the problems have been limited so far, and I’m not really worried about the spread of the impact of this. to global economic activities,” adding that he is “very optimistic for the Gulf.

On interest rates, Winters said, when asked about the worst-case scenario, “I don’t know,” but added that his bank was focusing on a 5.25% interest rate “for the moment and for a certain time”.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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