Nearly All of Wall Street – and the Fed – Botched Calls for 2022
- Selloff defies year-end predictions by strategists, economists
- All major financial assets fall, spelling more pain ahead
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So far 2022 has been a year where just about everyone on Wall Street got it wrong. As did the Fed and a cadre of global central banks.
Back in December, strategists at the world’s top investment firms like JPMorgan Chase & Co. predicted the S&P 500 would gain 5% in 2022. Economists saw the U.S. 10-year Treasury yield hitting 2% on average by the year’s end. And even Goldman Sachs Group Inc. lent credibility to the claims Bitcoin was on track to hit $100,000.