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- The US economy is headed for a recession in the middle of 2024, Citi's chief economist said.
- The economic data, while strong on the surface, is actually hinting at signs of a decline, as seen in the latest jobs report.
- Credit card delinquency rates are also on the rise and retail sales data has shown a larger-than-expected drop in activity.
The soft landing dream is over. Instead, the US economy is headed for a recession in the middle of 2024, according to Citi.
"There's this very powerful and seductive narrative around a soft landing and we're just not seeing it in the data," Citi chief economist Andrew Hollenhorst said in a CNBC interview.