Wall Street Wearies Of Washington Waffling Over Stumbling Stimulus Package

Wall Street Wearies Of Washington Waffling Over Stumbling Stimulus Package

A typically optimistic Wall Street is finally accepting the dwindling likelihood of a near-term stimulus deal, and it's showing up in their forecasts.

Markets Insider reports companies' latest GDP forecasts are showing a growing pessimism toward the economy's chances if Americans don't get more help.

Goldman Sachs halved its GDP growth forecast to 3% on Wednesday.

JPMorgan followed suit a day after, cutting its estimate to 2.5% from 3.5%.

Morgan Stanley and Bank of America trimmed their expectations earlier in the month.

All four of the Wall Street giants blamed their glass-half-empty outlook on the failure of the US Congress to deliver a second round of aid.

Still, Treasury Secretary Steven Mnuchin told the Senate Banking Committee he and House Speaker Nancy Pelosi continue to negotiate on new aid.