Morgan Stanley: Weekly Warm-up: Fire and Ice Part 2 Is More About the Ice; Cutting Our EPS Forecasts Further
1H22 was challenging for most risk assets as the Fed pivoted more sharply than most expected. The de-rating for US stocks was punctuated by a brief growth scare in June, although valuations never reflected the true risk to earnings, in our view. Today, we quantify that risk and cut EPS forecasts. Fire and Ice Part…...
