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 2…Fire and Ice has proven…
Morgan Stanley: Weekly Warm-up: Fire and Ice Part 2 Is More About the Ice; Cutting Our EPS Forecasts Further
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