The benchmark indexes have experienced a freefall since the beginning of 2022 due to the Fed’s aggressive monetary policy hikes to curb soaring inflation, geopolitical conflicts between Russia and Ukraine, and major supply chain bottlenecks. Moreover, these macro issues are raising widespread recession possibilities for 2023.
“There is a slowdown happening, there’s no question about it. We are expecting a fairly weak economy throughout the entire year,” said Wells Fargo CEO Charlie Scharf.
