The furious runup in U.S. shares from June lows hit a wall as the earnings season wrapped up, with the threat of an economic recession still looming large amid warnings from Fed officials that the fight against inflation is far from over. That stance will likely be reinforced when Jerome Powell speaks Friday at the prestigious event in Wyoming’s Grand Teton mountains, which has been used by Fed chairs as a venue for making key policy announcements.
“There may be further downside to the ongoing bear market, justifying an underweight to risk assets,” wrote Jason Pride, the firm’s chief investment officer of private wealth. The debate for most investors has shifted from a focus on the odds of a recession to how the Fed will impact markets, according to Lindsey Bell, chief money and markets strategist at Ally, who bets volatility will likely increase as investors look for catalysts.
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