More tech tantrums. China’s Covid surge. And above all, no central banks riding to the rescue if things go wrong.
Two consecutive down years are rare for major equity markets — the S&P 500 index has fallen for two straight years on just four occasions since 1928.
Rate-hiking peak possibly in March, with money markets expecting the Fed to switch into rate-cutting mode by the end of 2023.
Morgan Stanley’s Mike Wilson, predicts earnings of $180 per share in 2023 for the S&P 500, versus analysts’ expectations of $231.
Source: Bloomberg
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