We are still heading for a global recession; only a few EMs may escape it: Peter Cardillo

“US’ 2% inflation target is not going to happen for many years. We will probably see inflation settle down around 4% which we have lived with in the past and we could come out of recession with inflation at 4%. But the problem is that what we are seeing now is the residual of the bottleneck situation that we had that was caused by the pandemic.”