The Fed will lower interest rates under 3% as a mild recession leads to a 'soggy 2024,' UBS chief economist says

• The Fed will cut interest rates below 3% by next December, UBS chief US economist Jonathan Pingle said.
• Cuts will start in March and accelerate in the second half of the year, he told CNBC on Friday.
• "We think we're going to end up with a relatively soggy 2024 when we look back at the end of next year."

The Federal Reserve will likely bring interest rates below 3% by next December, as a pullback in consumer spending will trigger a mild recession in 2024, UBS chief US economist Jonathan Pingle told CNBC on Friday.