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Banking crisis may lead to recession: Fannie Mae

Following recent banking closures, Fannie Mae predicts a recession will take place in the second half of 2023. Meanwhile, Americans continue dealing with an uncertain interest rate environment and high inflation.

U.S. bank deposits fall for the first time since 1940s

U.S. bank deposits fell year-over year in 2022 as debt reached record highs, according to reports. Inflation and rising interest rates contributed to these trends and persist today, triggering fears of banking collapses and recession.