The Case for a 22% Drop in S&P 500
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The Ugly Economy: A Classical School Recession
The Fed staff is projecting a mild recession starting later in 2023. The labor market and the US consumer has single handedly kept the global economy afloat here. There just won't be enough support from consumption to keep us out of recession. In some ways, you could justify holding on to assets with 20% downside.
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