3min chapter

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Episode 27: Minerd on the Fed and Investing Heading into 2023

Guggenheim Macro Markets

CHAPTER

Investing in Stocks in 2023

With a mild recession next year we should probably expect S&P earnings to drop 10% from $220 to $200 historically in a recession the multiple goes to 15. Stocks probably have 10 to 20% of downside from here and I would probably avoid owning stocks. The stock market has never entered a bull market while the Fed is still raising interest rates. High quality, longer duration fixed income assets are a great place to go.

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