Economy is ‘definitively’ slowing down, market expert warns

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Economy is ‘definitively’ slowing down: Expert

Lebenthal Global Advisors President Dominick Tavella discusses risk of a recession on ‘Mornings with Maria.’

During an interview on "Mornings with Maria," Tuesday, market expert Dominick Tavella said that the economy is ‘definitively' slowing down and that consumers are pulling back on spending.

DOMINICK TAVELLA: The Fed is doing exactly what it said it's going to do, which is to slow the economy down. It's speaking to a real turnover to our clients recently where they were having 10, 15 people bidding on houses. Now it's down to two or three people bidding on houses. So it's clearly starting to have an effect in the economy. The economy's definitively slowing down, whether it's the Fed or higher energy prices. 

Economy is ‘definitively’ slowing down, says expert (iStock / iStock)

The consumers are starting to pull back on spending. And whether we like it or not, that means unemployment numbers might start to go up. We're seeing companies start to announce layoffs. So unfortunately for the average person out there that's trying to make a living, the economy is slowing down. And the key here is, do we get it to a point where we don't push it into a recession, where the Fed doesn't do too much? 

US IS ALREADY IN A 'SOFT' RECESSION: ECONOMIST STEPHEN MOORE

WATCH THE FULL INTERVIEW HERE:

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Federal Reserve is looking ‘backwards’: Expert

Lebenthal Global Advisors President Dominick Tavella weighs in on the Federal Reserve and the economy.

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