Greg Dako: 35-40% chance of recession in the U.S.

Greg Dako, chief economist at EY-Parthenon, warned in a new research note that there is a 35% and 40% chance that the U.S. economy will decline over the next year.

The U.S. economy could face a recession next year as persistently high inflation and increasingly aggressive Federal Reserve policies curb growth.

"While I estimate the likelihood of a U.S. recession to be about 35-40% over the next 12 months, the probability of a significant slowdown in global growth over the next six months is close to 100%," Dako wrote.