Possible recession this year as prices on core goods rise, financial strategist warns

Chief financial strategist Dick Bove of Odeon Capital Group hinted at a possible recession this year if economic trends continue on the path they're on, arguing a "sharp response" to rising prices from the Fed is going to "kill demand" during his appearance on "Mornings with Maria" Thursday.

DICK BOVE: I do think we're going to see a recession this year, and I think the recession is going to be driven by the fact that, you know, we just take mortgages, right? A simple example everybody can understand, you know, a year ago, if you bought the average house in your put, the average down payment down on it, it would cost you $1,400 a month. This year, in the same situation, it costs $1,800 a month. And I almost am willing to guarantee you that just going to be over $2 grand when you go forward. 

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You've reported beautifully in terms of the increases in the prices of all the core, if you will, things that people buy, whether it's gas or bread. And the bottom line is if that continues, and I think it will, it has got to result in a very sharp response by the Fed. And that sharp response is going to be to kill demand. And if you kill demand, you are, you are in a recession. And that's going to kill bank earnings.

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