The U.S. economy is headed for a hard landing, and Fed rate cuts won't be enough to rescue it, Citi says

Key Facts

In fact, inflation and the labor market will weaken enough that the Federal Reserve will cut benchmark rates four times this year—far more than the one or two cuts Wall Street expects.
On Thursday, Hollenhorst said other data have been signaling weakness in the labor market, including surveys of consumers and businesses that say jobs are getting harder to find, companies are less eager to hire, and employees are feeling more worried about keeping their jobs.
But Hollenhorst is convinced there won’t be a soft landing, and said financial markets are starting to move away from that hope as well.
In February, even amid blowout jobs reports, Hollenhorst was warning about a harding landing and told CNBC that he expected a recession by the middle of this year.