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Economist Nouriel Roubini has been such a doomsayer<\/a> for so long that he\u2019s earned the moniker \u201cDr. Doom,\u201d but he sounded uncharacteristically bullish amid Wall Street\u2019s recent panic.<\/p>\n During an interview on Bloomberg TV<\/a> on Wednesday, he dismissed investors\u2019 fears that a downturn is coming and quipped that the stock and bond markets have predicted 10 out of the last three recessions.<\/p>\n He added that markets have also badly misjudged over the last year how many Fed rate cuts are on the way, as traders have seen much more aggressive easing.<\/p>\n \u201cThe markets are often wrong about what\u2019s going on with the economy and what the Fed is going to be doing,\u201d Roubini said. \u201cThere is some significant evidence of some slowdown of the economy, but I don\u2019t think the data suggest that we\u2019re going to have a hard landing anytime soon. If anything, actually, there\u2019s some elements of strength in the economy.\u201d<\/p>\n Wait, what?<\/p>\n He rose to prominence when his warnings about the economy and the housing bubble were initially laughed off\u2014only to be proven right when the Great Financial Crisis hit.<\/p>\n Since then, he has regularly flagged numerous other catastrophes, and in late 2022 warned of a stagflationary debt crisis. He kept ringing the alarm into 2023<\/a>, saying a \u201csevere recession\u201d was likely amid a \u201cBermuda Triangle\u201d of economic dangers and the \u201cmother of all debt crises.\u201d<\/p>\n To be sure, the consensus on Wall Street last year was that the U.S. would tip into a recession after the Federal Reserve\u2019s most aggressive string of rate hikes in four decades. <\/p>\n But by last September, as the economy continued to chug along without hitting the skids, he softened his tone, saying a short or shallow recession was possible<\/a>.<\/p>\n Then U.S. manufacturing and payroll data earlier this month showed precipitous declines, triggering a massive stock selloff in global markets<\/a> and providing evidence that the few remaining bears on Wall Street may be right.<\/p>\n Subsequent weekly jobless claims data came in lower than expected, calming nerves and helping the stock market recoup much of its losses<\/a>. <\/p>\n Meanwhile, others on Wall Street have highlighted data that indicates underlying strength in the economy. Apollo chief economist Torsten Sl\u00f8k<\/a> said in a note on Saturday that the Atlanta Fed\u2019s GDP tracker<\/a> points to third-quarter growth of 2.9%.<\/p>\n \u201cThe bottom line is that there are still no signs of a US recession, and the US economy is doing just fine with steady growth in daily and weekly data for restaurant bookings, air travel, hotel bookings, credit card data, bank lending, Broadway show attendance, box office grosses, and weekly data for bankruptcy filings trending lower,\u201d he added.<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n