The US economy is likely to fall into a slump in 2023, according to Wells Fargo head of macro strategy, Michael Schumacher.

Schumacher points to a range of factors including historic inflation, spiking mortgage rates, commodity prices, the pandemic, and the war in Ukraine that all make the country’s economic path forward difficult to navigate.

Earlier this week, top economist Mohamed El-Erian made similar comments, noting that he anticipates the Federal Reserve will make policy mistakes in trying to tamp down inflation.