The Looming Credit Crunch and Economic Downturn
TL;DR Summary
Morgan Stanley's CIO, Mike Wilson, has stated that the credit crunch stemming from the bank crisis in March has begun, with data showing a clear tightening of lending standards by banks. This could raise the risk of a recession this year as companies and households experience difficulty obtaining credit. Wilson believes that the stock market is in for more pain in 2023, with a potential 20% drop in the S&P 500 as corporate earnings drop.
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