A street sign outside the New York Stock Exchange in New York, the US. Picture: SHANNON STAPLETON/REUTERS
This came on the heels last week of the S&P 500 and the Nasdaq suffering their largest weekly percentage plunge since March 2020, when shutdowns to contain the pandemic sent the economy spiralling into its steepest and most abrupt recession on record. “I think investors are over-assuming a very hawkish stance by the Fed,” Stovall said. “Granted, inflation is high and is likely to get higher before it starts to decline. Specifically we see the headline CPI topping at 7.3% for both January and February, but then coming down to 3.5% by year-end.”
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