There’s a 70% chance of global recession in the next 12 months as central banks unleash more pain in the form of higher interest rates to combat inflation, now skirting close to double digits in much of the developed world. The [US Federal Reserve] is going to have to pull its levers very hard to rein in inflation,” said Peter Vincent, head of client investment solutions for Europe, Middle East and Africa at Franklin Templeton Investments. He was speaking at the Morningstar Investment Conference in Cape Town, last week Wednesday. This is in line with a Bloomberg Economics projection earlier this month that rated the prospects of a recession a near certainty over the next 12 months. Central banks are aggressively hiking interest rates to rein in inflation, and at least two more 50 basis point rate increases are priced into the financial markets before there will be any softening, said Vincent. Click here to read full article