The investment chief of the financial firm Nuveen, Saira Malik, still expects a recession in the US next year.
She says investors should watch three key developments to see when the economy will contract.
Malik also names four top stocks investors can buy to set themselves up for long-term success.
A little over a year after US GDP unexpectedly slumped, investors and economists are still divided over whether the US will see a recession in the coming quarter.
Even if a US economic downturn hasn’t happened yet, Saira Malik, chief investment officer at Nuveen Asset Management, believes it would be a mistake to assume it won’t. Nuveen has $1.2 trillion in assets under management, making it one of the largest wealth managers in the world.
Speaking to Malik at this week’s Milken Global Conference 2023, Business Insider maintained the cautious stance on the economy she’s championed for months.
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“It’s likely that this will be a mild recession, and we’ll likely see it somewhere between late this year and early 2024,” Malik said in an interview with Business Insider.
Four stocks that outperform in a recession could
Malik doesn’t see a massive market sell-off coming. In their worst-case scenario, the S&P 500 would only fall about 12.5 percent from its fall 2023 low.