Since the labor market has shown resilience, the Fed is expected to announce another 75-bps hike in November 2022. Minneapolis Federal Reserve Bank President Neel Kashkari said, “I think we are moving at an appropriately aggressive pace.” However, Kashkari is hopeful of a soft landing.
Market volatility is rife, as is evident from the CBOE Volatility Index’s 94% year-to-date increase. On the other hand, CNBC’s Jim Cramer believes that stocks could bottom later this month, followed by a ‘powerful’ rally. Furthermore, Citigroup has recently projected global equities to rise about 18% through the end of 2023.
