Traders work on the floor of the New York Stock Exchange in New York, September 26, 2022.The Federal Reserve's most aggressive pace of tightening since the 1980s is making the majority of Wall Street investors believe stocks will be underwater for longer, according to the newWe polled about 400 chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money, asking where they stood on the markets for the rest of 2022 and beyond.
Fifty-eight percent of respondents said their biggest concern for the markets right now is the Fed being too aggressive. The central bank last week for a third straight time and pledged more hikes to beat inflation, triggering a big sell-off in risk assets."While this aggressive pace of hiking should bring inflation closer to the 2% target, it will also likely bring economic hardship," said Principal Global Investors Chief Global Strategist Seema Shah. "The Fed's tolerance for economic pain doesn't bode well for risk assets. ... Get defensive, times are getting tougher.