The US will suffer a recession – and don't expect the Fed to rescue stocks when that happens, top Macquarie economist says

• The Federal Reserve's latest minutes showed policymakers expect a "mild recession".
• But the US economy is likely headed toward a more severe downturn, according to Macquarie's head of economics.
• The central bank still won't rush to stocks' rescue if that happens, David Doyle told Insider.

The US is headed for an even worse recession than the Federal Reserve is expecting – but the central bank still won't bail out stocks when that happens, according to Macquarie's top economist.