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“I think we have to be very careful,” he told FOX Business’ Maria Bartiromo during an interview at the World Economic Forum in Davos, Switzerland on Tuesday. “I think sometimes people can start to build bad news on top of bad news.”
Abney said holiday retail sales are indicative of a “reasonably strong” economy.
“Retail is being estimated across the market to have increased 5.6 percent,” he said. “That doesn’t really sound like a slowdown to me."
In Abney’s opinion, global recession fears are overblown.
“Internationally there are headwinds, of course, and trade related issues,” he said. “But still, when you hear news that there’s a slowdown, there’s talk about there’s one- or two-tenths of a percent so it’s really not the kind of views that some people are taking it much further.”
China, the world’s second-largest economy behind the U.S, on Monday announced that its growth decelerated to 6.6 percent in 2018, the slowest pace in 28 years.