USA GDP Contraction | Analysis By Peter Cardillo, Chief Market Economist, Spartan Capital Securities

As USA GDP data shows the second straight contraction in the US’s economy. According to the data by the economic analysis bureau, the economy contracted by 0.9%. The US economy is witnessing technical recession. To discuss it Peter Cardillo , Chief Market Economist Of Spartan Capital Securities spoke to ET Now, he said, ” Markets are looking at it from a recession perspective. Markets have already discounted this. Basically the contraction, as per the textbook definition we are in a mild recession. This is not new news to the market, especially to the bond market. Recession has become reality”