The US economy is about to hit a slowdown as Americans blow through savings, shrink investments, and battle higher interest rates, chief economist says

• The economy is set to enter a recession the next quarter, according to Pantheon's Ian Shepherdson.
• That's due to shrinking savings & investment weighing on GDP growth, the chief economist said.
• He forecasted GDP would shrink by 2% in the next quarter, starting a slowdown that would last through fall.

The US economy will slow as Americans blow through their savings and shrink investments while battling tighter financial conditions, according to Pantheon Macroeconomics' chief economist Ian Shepherdson.