That may be a tall order, however, given major central banks still have months to go before pausing one of the swiftest and most aggressive campaigns of interest rate hikes on record.
Asked how long the current downturn would last, a strong 70% majority - 66 of 90 - said it would be at least another three months. Nine said it would end within that short timeframe, while the remaining 15 said it already had. "Sectors and regions with stable earnings, low leverage and pricing power should fare better in this environment. In the second half of 2023, we expect that the discussion will turn to peak hawkishness, with earnings resilience in a slowing growth environment in focus."
Perhaps the biggest unknown is just how successful central banks will be, particularly the U.S. Federal Reserve, in engineering a sharp decline in consumer price inflation from multi-decade highs without triggering a punishing recession.
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