Veteran Equity Strategist Expects a ‘Cathartic Upchuck’ in 2022
- Investors will sell weakness, Wells Fargo’s Chris Harvey says
- He’s bracing for 10% market correction in first half of year
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A “cathartic upchuck” in the stock market could send the S&P 500 down 10% in the first half of the year as the Federal Reserve tightens monetary policy and valuation multiples compress, according to Chris Harvey, the head of equity strategy at Wells Fargo & Co.
Harvey joined Bloomberg’s “What Goes Up” podcast to talk about this and other elements of his 2022 outlook. Below is a condensed and lightly edited transcript of the conversation. Click here to listen to the full show and subscribe on Apple Podcasts, Spotify or wherever you listen.