Economics
Wall Street Chorus Grows Louder Warning That 2023 Will Be Ugly
- Bank CEOs and strategists see recession and lower earnings
- Layoffs at Morgan Stanley, hiring slowdown at Bank of America
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In the Federal Reserve’s quiet period before its officials meet to decide their final actions this year, Wall Street watchers are filling the void, loudly warning that next year’s outlook for the US economy and stocks is grim.
From Goldman Sachs Group Inc.’s David Solomon caution that the economy faces “bumpy times ahead,” to JPMorgan Chase & Co.’s Jamie Dimon grimmer view that this would be a “mild to hard recession,” and Morgan Stanley Wealth Management’s Lisa Shalett, who told Bloomberg Television that corporations are facing a “rude awakening” on earnings, the messages have become increasingly dire.