Hedge fund tycoon Steve Cohen believes there is currently a 45% possibility of a recession in the United States.

Billionaire Steve Cohen, founder of the hedge fund Point72 Asset Management, said that there is currently about a 45% possibility of the United States entering an economic recession. "We are not in a recession yet, but economic growth is clearly slowing down," the 68-year-old Cohen said in a speech at the Sohn Investment Conference held in New York on Wednesday. He predicted that the Federal Reserve will not immediately cut interest rates because "they will be concerned about inflation caused by tariffs." He expects the US economic growth rate to slow down to 1.5% or lower next year, "decent, but not amazing."