'Recession risk is low': 3 reasons why the market meltdown is an overreaction, according to Bank of America

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• Stocks tumbled after weak economic data, sending ripples across the global economy.
• But BofA's Chief US Economist Michael Gapen says the market is overblowing recession risks.
• Gapen also says the economy is "not even close" to needing an emergency Fed rate cut.

The stock market is going through an upheaval, and Wall Street is buzzing about the possibility of a recession.

The S&P 500 closed 3% lower on Monday while the Dow dropped 2.6% ...