By Sam Reynolds
After a mediocre start to earnings season, investors are thought to be looking ahead to Federal Reserve Chairman Jerome Powell’s speech, scheduled for Tuesday afternoon, before making any big moves. "As a result, the earnings decline for the fourth quarter is larger today compared to the end of last week and compared to the end of the quarter," FactSet's senior earnings analyst John Butters."If the index reports an actual decline in earnings for Q4 2022, it will mark the first year-over-year decline in earnings reported by the index since Q3 2020.”
“I am a little more optimistic that it won't be quite as severe a recession as in a great recession or major, major recession,” he said, pointing to the resilience of consumers. “The fact that the Fed's actions are having such a slow effect doesn't mean cumulatively they won't eventually have a major effect. We're probably still a quarter or two away from seeing what the Fed's actions have really actually done to the economy.
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