Even if the Federal Reserve can pull off the difficult task of cooling high inflation without driving the economy into a ditch, that doesn’t necessarily mean markets will be out of the woods.
“A lot of the discussion seems to be around if the Fed can achieve a ‘soft landing’ for the economy,” said David Del Vecchio, co-head of U.S. investment-grade corporates at PGIM Fixed Income, by phone. “That seems really challenging in this environment where they’re really behind the curve.” The ongoing carnage in once highflying technology stocks helped land the S&P 500 index back into correction territory for a second time in 2022, while handing the Nasdaq Composite Index COMP, -4.17% a 13.3% decline in April, its steepest monthly plunge since October 2008.
What’s more, a hawkish Fed will keep pressure on growth stocks, said Steve Chiavarone, senior portfolio manager and equity strategist at Federated Hermes, in a Thursday client note. “Total returns have been much more negative than we’ve been used to for a very long time,” Del Vecchio said.
Source: News Formal (newsformal.com)
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