Joe Biden expressed hopefulness about the economy following a dismal GDP report on Thursday, but Wall Street executives are preparing for the worst, according to Politico.
The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023, according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning. The vast majority of the financial sector agrees the economy will continue facing difficulties this year as over a dozen large banks predicted poor growth or a recession, according to Politico.
“The U.S. economy is unwell, and it’s starting to show,” Chief Economist at EY-Parthenon Gregory Daco tweetedThursday morning.
Growth was 2.6% in the fourth quarter of 2022, and economists had expected 2% growth for the first quarter of 2023, according to The Wall Street Journal. “Today, we learned that the American economy remains strong, as it transitions to steady and stable growth,” Biden said in a statement on the GDP.
“We continue to expect economic growth to slow, and we are preparing for a range of scenarios,” Wells Fargo CEO Charlie Scharf said on a first-quarter earnings call on April 14.
Other financial executives are making comparable remarks during earnings calls as well, although few are forecasting a major economic downturn, according to Politico.
“Our research team continues to predict a shallow recession that will occur beginning in the quarter three of 2023,” Bank of America CEO Brian Moynihan said on a first-quarter earnings call on April 18.
Consumers experienced continuing inflation and rising interest rates, contributing to a decline in retail spending in February and March, according to the WSJ. Home sales and manufacturing output also decreased in March.
The Federal Reserve has been hiking interest rates in an effort to lower inflation and has raised them to a target range of 4.75-5%.
“I’ve never been more optimistic about America’s future,” Biden has repeatedly stated.
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At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
Reach out to Augusta Precious Metals to learn more about protecting your wealth and retirement with physical precious metals.
