What's Next for the US Equity Market?

Nearly all respondents feel an economic recession in the United States is at least somewhat likely, with many suggesting it will begin or has already begun in 2022. A record high 85% of survey respondents see global inflation declining over the next 12 months but 92% expect a stagflation scenario where growth continues to slow down. The CBOE put-to-call ratio, which is a measure of bearish bets on the future price direction of the stock market known as puts, has hit its highest level ever in recent days.