Bank of America Warns of Future Inflation Shocks, Declares ‘Technical Recession’

Bank of America issued a warning that the inflation shock in the United States is not over yet and that the economy is in “technical recession,” even if most people are unaware of it. “We’re in technical recession but just don’t realize it,” Michael Hartnett, the bank’s chief investment strategist wrote in a note ahead of today’s inflation data. The U.S. annual inflation rose to 8.6 percent in May, the highest level in 40 years, as key drivers such as food, energy, and housing showed no signs of abating. The markets now anticipate a more aggressive response from the Federal…