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close video US seeing ‘very desynchronized economy’: Nancy Lazar

Piper Sandler chief global economist Nancy Lazar explains why she’s predicting a recession in the second half of 2023.

According to one Wall Street economist, a looming recession this year will feel more like the 1970s than a 2008-07 slump.

"People are too focused on ‘08 and 2020. This is more like 1973, 74 and 2021," Piper Sandler chief global economist Nancy Lazar said on "Mornings with Maria" Monday.

Lazar predicted feeling the full impact of a recession in the second half of 2023 as lag effects from the Federal Reserve’s rate hikes take hold.

An inflation gauge closely watched by the Fed showed signs of slowing in December, but it still remained abnormally high, according to new data released Friday.

KARINE JEAN-PIERRE TOUTS U.S. ECONOMIC GROWTH AFTER ASKED HOW BIDEN WILL ADDRESS RECESSION FEARS

The Personal Consumption Expenditures (PCE) index showed that consumer prices rose 0.1% from the previous month and rose 5% on an annual basis, according to the Bureau of Labor Statistics.

While the U.S. economy might be on a “bumpy rollercoaster,” Piper Sandler chief global economist Nancy Lazar says it’s headed down towards a recession “like 1973, 74,” on “Mornings with Maria.” (iStock)

While the Fed is targeting the PCE headline figure as it tries to wrestle consumer prices back to 2%, Chair Jerome Powell previously told reporters that core data is actually a better indicator of inflation. Both the core and headline numbers point to inflation that is running well above the Fed's preferred 2% target, a troubling sign as the central bank is already hiking interest rates at the fastest pace in decades.

Lazar argued it takes about one year for changes in Fed funds to have a negative impact on the economy. close video Biden touts economy amid mass layoffs, recession fear

Strategic Wealth Partners CEO and president Mark Tepper claims President Biden is too busy ‘popping champagne bottles’ despite the economy ‘softening’ on ‘Maria Bartiromo’s Wallstreet.

"We think there will be a further stalling out in the second quarter and then an outright decline in the back half of the year," the economist explained. "Because you had, first, a global tightening cycle in 2021, the lagged effects of that hit the U.S. economy with our multinational economy. Second, oil prices surged in 2021, and third, bond yields rose significantly. So what slowed last year was those three metrics. Going into this year, the lagged effects of that Fed tightening cycle is reflected in money supply now declining."

When it comes to the labor sector, Lazar pointed out "dark clouds" hovering over unemployment numbers.

"That increase in December was quite interesting in the employment backdrop, unemployment rate still at 3.5%. It's telling us that the consumer does see some dark clouds on the horizon," she said. "They realize potentially they took their saving rate down way, way too far down below 3%, and now they're maybe getting a little bit more concerned."

GET FOX BUSINESS ON THE GO BY CLICKING HERE close video Biden economy ‘raises more red flags’ of recession risk: Brian Brenberg

‘The Big Money Show’ co-hosts Taylor Riggs, Brian Brenberg and Jackie DeAngelis discuss how inflation pain impacts Americans’ pocketbooks and lifestyles.

The market expert additionally noted Americans will see a "slow dance into a recession," with the lag effects showing up first in earnings. But for now, real purchasing power appears to be "picking up."

"It's a very bumpy rollercoaster, but the rollercoaster is headed down," Lazar said. "But here in January, we think things could get a little better. We really don't see a recession until the back half of 2023. We think the first half is actually going to be muddling along."

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FOX Business’ Megan Henney contributed to this report.

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More than 1,000 doctors urge MPs to vote against assisted dying bill

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More than 1,000 doctors urge MPs to vote against assisted dying bill

More than 1,000 doctors have written to MPs urging them to vote against the assisted dying bill, calling it a “real threat to both patients and the medical workforce”.

The bill – which is due to be voted on by MPs for a final time on 20 June – would allow terminally ill patients from England and Wales to end their lives “on their own terms”, providing they have a life expectancy of six months or less.

A separate bill is currently passing through the Scottish parliament.

But doctors from across the NHS have written to MPs, warning them of their “serious concerns”.

Notable signatories include Sir John Burn, a geneticist who has led decades of cancer research, Sir Shakeel Qureshi, who was knighted for his work in paediatric cardiology, Professor Aileen Keel, the former deputy chief medical officer for Scotland, and Baroness Finlay, a Welsh doctor, professor of palliative medicine and member of the House of Lords.

The letter is signed by four doctors who hold OBEs, two who have MBEs, and one CBE.

The letter says that while a debate is needed on end of life care, “this bill is not the answer”.

More on Assisted Dying

It raises concerns that not enough evidence has been heard from doctors, people with disabilities and other marginalised groups.

“This bill will widen inequalities, it provides inadequate safeguards and, in our collective view, is simply not safe,” it goes on to say, calling it a “deeply flawed bill”.

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May: Two people given months to live debate assisted dying

Read more:
Why is assisted dying so controversial – and where is it already legal?
Five stories that bring the assisted dying debate home
Two terminally ill patients give opposing views on assisted dying

Professor Colin Rees, a member of the Royal College of Physicians working group on assisted dying, said it was the “single most important piece of healthcare legislation in 50 or 60 years”.

“It will have very profound consequences for the future and many doctors are really concerned that members of parliament are not hearing the views of the medical profession.”

He said many doctors who remain neutral, or who even support the principle of assisted dying, remain concerned about the bill.

“We don’t think it’s a bill that is safe, that protects patients, protects families, and protects the medical workforce.”

What stage are the two assisted dying bills at now?

The Terminally Ill Adults (End of Life) Bill passed the House of Commons with a majority of 55 in November.

Scotland’s Assisted Dying for Terminally Ill Adults (Scotland Bill) pass with a 14 majority in May.

But the legislation has not been without controversy, with 150 amendments made to get it through the first stage. 

The bill will return to the House of Commons for a third reading this Friday. If voted through by MPs it will then proceed to the House of Lords.

‘No safeguards against coercion’

One of the areas of concern raised by the medics was the inability to properly identify patients at risk of coercive control.

“Vulnerable patients are at risk of coercion with women, victims of domestic abuse, and the elderly at particular risk,” the letter says.

It also warned it would widen social inequalities, with patients who do not have the resources for a comfortable death more likely to opt for assisted dying.

“People who struggle to pay for heating or care or wish to preserve their assets for their children are at high risk of choosing to die if the option is available and the alternative is more difficult.”

Data from the Annual Report of Dying With Dignity from Oregon in 2024 found 9.3% of those people who choose assisted deaths do so for financial reasons.

‘Doctors get it wrong 40% of the time’

Concerns have also been raised around the inaccuracies of medical prognosis.

“Research demonstrates that doctors get prognosis wrong around 40% of the time,” the letter says.

“As such, patients may end up choosing an assisted death and losing what could have been happy and fulfilling months or years of life.”

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February: Why has the Assisted Dying Bill divided opinions?

The bill is also a risk to families, the letter says, as it does not require doctors to speak with family members.

“A close relative may know nothing until they get a call to arrange collection of their relative’s body,” it says, adding that there is no mechanism for a family member to raise concerns about a request.

The letter also addressed the potential impact on the medical workforce.

Evidence from the Netherlands suggests “doctors feel pressurised when dealing with patient requests for assisted deaths, meaning that doctors may end up having involvement despite it being against their principles, because they want to help their patients”.

Doctors’ letter highlight concerns about the risk to:

Patients

Does not necessitate treatment of depression or other remediable factors; does not protect against risk of coercion, particularly for women and the elderly; does not ensure that the assessment panel must meet the patient; will widen social inequalities, adversely affecting the socioeconomically deprived; does not take account of the inadequacies of assessing medical prognosis.

Families

Does not necessitate any involvement of families. The first they may know is when they are called to come and collect the body; assumes that an assisted death is ‘better’ than a well-managed natural death but there is little or no evidence in the literature for this assertion.

Palliative care

Makes it a legal right for patients to access assisted dying, but does not mandate a comparable right to be able to access other end of life services; means that patients may choose assisted dying because palliative care provision is inadequate • Places palliative care consultants (a speciality in which 80% of doctors are opposed to assisted dying) at the heart of delivering the services; ignores the fact that the UK is currently ranked higher for its palliative care services than any country that delivers assisted dying and the fact that countries that introduce assisted dying almost invariably see a decline in the quality of their palliative care services.

The medical workforce

Does not adequately recognise the risk of harm to doctors from delivering assisted dying; is unclear whether assisted dying should be considered a ‘treatment’.

Provision of adequate care

Proposes a panel which is not a multidisciplinary team and will not know the patient; proposes use of drugs which are not regulated or approved and does not mandate any monitoring of their complications.

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Illegal crypto mining surges in Malaysia amid unclear policies

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Illegal crypto mining surges in Malaysia amid unclear policies

Illegal crypto mining surges in Malaysia amid unclear policies

Malaysia’s crypto mining market may hit $5.13 billion in 2025, but illegal mining and a lack of regulation could limit its full potential.

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Environment

Several Waymo self-driving I-Pace electric cars set on fire in LA riots

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Several Waymo self-driving I-Pace electric cars set on fire in LA riots

At least 5 Waymo self-driving I-Pace electric cars were set on fire amid protests that turned violent in Los Angeles this weekend.

It could represent as much as 5% of Waymo’s fleet in Los Angeles being destroyed.

The United States Immigration and Customs Enforcement (ICE) launched several raids in the Los Angeles area last week that triggered large-scale protests across the city over the weekend.

The protests were mostly peaceful and aimed to bring attention to federal agents indiscriminately arresting and detaining people, but in some cases, they were violent clashes with the police.

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Things took a turn for the worse with President Trump calling the National Guard.

There have been several instances of rioting, looting, and general property damage.

In a unique case, it appears that one or more rioters purposely called multiple Waymo vehicles to Arcadia and Alameda streets, where they slashed the vehicles’ tires, broke the windows, and wrote anti-ICE messages on them.

At around 5 PM on Sunday, the Waymo vehicles were set on fire:

With the ongoing protests, the fire department couldn’t get access to the vehicles and they eventually completely burned down:

Waymo is believed to be operating a fleet of about 100 self-driving cars in the Los Angeles area. Therefore, a significant percentage of the fleet was burned down today.

The company completes over 120,000 rides per week in California, but it operates a bigger fleet in the Bay Area and covers a big service area than in LA.

Waymo shouldn’t have too many issues replenishing its fleet, considering it recently acquired over 2,000 Jaguar I-Pace electric vehicles to more than double its entire fleet over the next year.

The company currently operates over 1,500 vehicles across San Francisco, Los Angeles, Phoenix, and Austin.

With a high utilization rate, the relatively small fleet has already taken significant market shares of those ride-hailing markets. It is estimated that Waymo accounts for approximately 20% of the ride-hailing market in San Francisco.

The new vehicles are going to enable Waymo to expand into new markets.

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