Blackstone Vice Chairman Byron Wien thinks that a bottom for financial markets will arrive by mid-2023, followed by a drastic rebound as the Federal Reserve's battle against inflation would only lead to a mild recession. The Wall Street veteran published his much anticipated annual surprises list Wednesday. Wien started the tradition in 1986 when he was the chief U.S. investment strategist at Morgan Stanley, and his list of surprises became a must-read on Wall Street.
The Fed has raised its benchmark interest rate to the highest level in 15 years and has signaled more hikes could come to bring soaring inflation under control. Wien thinks that, while the Fed is successful in dampening inflation, it "over-stays" its time in restrictive territory. Margins are squeezed in a mild recession, he said.
I am sure these are same individuals that told you get out of the mkt when it topped out... 😂