Investors should brace for more pain as US stock indexes haven’t yet hit bottom for the year, according to Mike Wilson at Morgan Stanley.
The 83-year-old Wall Street veteran is arguing that despite the stock market’s struggles this year, the economy’s real downturn has yet to come.
The rude awakening that Jerome Powell’s speech has been to US shares means that investors need to catch up in pricing policy risk.
Head of NY Fed brushed aside concerns central bank may once again have to call an early end to reductions of its large-scale asset holdings.