Pimco’s Fels says higher probability of U.S. recession over next 12 months

NEW YORK (Reuters) – Recession models are suggesting a higher probability of a U.S. recession over the next 12 months and “flashing orange,” said Joachim Fels, managing director and global economic advisor at PIMCO, on an investor webcast Wednesday.

Fels said China’s slowdown, which could accelerate to the downside, is at the top of his worry list.

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