Veteran economist David Rosenberg said there's 'not a snowball's chance in hell' that he'll get bullish on US stocks until this key event happens — and he's investing in these 6 assets in the meantime
The S&P 500 could fall about 20% to 3,000 in Rosenberg's base case.Wall Street is cautiously optimistic
Instead of recovery, the founder of Rosenberg Research said a recession will be this year's defining story as restrictive interest rates cause the economy to lose momentum. His biggest question isn't if a downturn will begin but when, noting that the sooner it starts, the sooner the economy can rebound.warn about the strong possibility of a recession in 2022
"I know that we're there when I stop getting the question, 'Are we there yet?' Rosenberg said about a stock market bottom. Historically, the first asset class to enter a downturn are the first to rebound, Rosenberg said. The bond selloff began in August 2020, and 10-year yields have risen seven-fold since. Stocks didn't peak until the first trading day of 2022, so Rosenberg thinks they'll take longer to recover.
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