The stock market is getting ahead of itself on bets the Federal Reserve’s fiscal tightening is over, according to Wells Fargo’s Chris Harvey.
Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession in the US and globally occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500.
As the big banks unveiled second-quarter earnings, investors heard a common refrain: “we’re increasing provisions for client loan defaults.
