But Goldman Sachs economist Jan Hatzius has a grim message: It’s not happening.

In a weekly note, he slams the idea that a sharp fall must be followed by a sharp recovery (the argument put forth by the likes of interest rate guru James Grant).

Hatzius’s argument: Unlike in past recessions, which were caused by Fed tightening, this time the Fed is super loose, and we’ll experience tightening while the economy recovers.

See the whole argument >

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