Wells Fargo Investment Institute CIO Darrell Cronk sees nine potential reasons for a U.S. market pullback ,— The U.S. economy seems to have lost momentum following a robust fourth quarter. Real consumer spending weakened in January, while the Institute for Supply Management manufacturing Purchasing Managers’ Index has been in contractionary territory for 16-stoaight …— The headline February Consumer Price Index ticked higher on a year over-year basis, while super-core inflation accelerated to 6.
“Global growth expectations for Fund Manager Survey respondents at a 2-year high as recession risks dissipate; FMS “risk appetite” highest since Nov’21; stock allocation at 2-year high; big rotation into Europe, EM, financials … bullish but not yet extreme bullish … 2/3 of respondents say recession “unlikely” in next 12 months; “soft” landing remains consensus at 62% probability, while 23% say “no” landing and 11% say “hard” landing ; EPS optimism at 2-year high and investor desire for...
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