Stocks could be shocked by macroeconomic conditions if inflation doesn't come down the way the market is expecting, according to billionaire investor Cliff Asness.
Similarly, Bank of America has warned that the market could be hit by rebounding inflation and an incoming recession, causing stocks to beThat comes amid a recent slide in stocks, as investors price in more Fed rate hikes following surprises in price and labor-market data. While that's no longer true of the market, investors are premature to think that just one year of Fed tightening is enough to correct stock prices, he said, warning of more downside to come.
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