Morgan Stanley economists have warned the S&P 500 could tumble another 20% from current levels in coming months if the U.S. economy slides into a recession.
Former Council of Economics Advisers Chairman Kevin Hassett discusses Fed Chair Powell's testimony on Capitol Hill, Biden blaming Putin for price hikes, oil executives meeting at the White House and recession risk in the U.S.
"At this point, a recession is no longer just a tail risk given the Fed's predicament with inflation," Wilson wrote in the analyst note. He predicted a 35% chance of a downturn over the next year, up sharply from his previous estimate of 20%., rising interest rates and a darkening economic outlook continue to weigh on the market.
Even if the economy manages to escape a recession, Wilson sees more downsides for equities: The S&P benchmark is still likely to fall another 7% to 10% as markets digest what are likely to be lackluster corporate earnings.
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