J.P. Morgan economist sees 40% US recession chance and risks to 'exorbitant privilege'

There is about a 40% chance of a U.S. recession this year and a risk of lasting damage to the country's standing as an investment destination if the administration undermines trust in U.S. governance, according to J.P. Morgan's chief economist. "Where we stand now is with a heightened concern about the U.S. economy," Bruce Kasman, the U.S. investment bank's chief global economist, told reporters in Singapore on Wednesday. J.P. Morgan's current forecast is for 2% U.S. GDP growth this year.