It wasn't just technology stocks that took heavy hits in 2022. Share prices of top furniture companies also retreated rapidly, as worries grew about the economic downturn to come. Big-ticket furnishings are highly discretionary and tend to be quite sensitive to contractions in the economy.
Undoubtedly, the “looming” Fed-induced recession was a top fear for many investors through most of last year. Well, we just passed the midpoint of 2023, and there's still no recession yet. In fact, investors seem as confident as ever in the Fed's ability to avert a disastrous downturn.
