U.S. economy likely to fall into recession: CNBC

A woman buys food at a food truck in New York, the United States, May 11, 2022. (Xinhua/Wang Ying)

NEW YORK, July 12 (Xinhua) -- The odds of the U.S. economy falling into a recession by next year are greater than 50 percent, CNBC reported Monday.

"The U.S. economy could slip into a technical recession, defined as two consecutive quarters of negative growth, as soon as the end of the second quarter of 2022," said CNBC citing Richard Kelly, head of global strategy at TD Securities.

Rising gas prices combined with a hawkish Federal Reserve and a generally slowing economy are among the tripartite risks facing the world's largest economy right now, Kelly said.

It is harder to predict when the recession might hit, CNBC said.