Stocks will bottom before the economy does – The Irish Times

The odds of a US recession in 2023 are rising. Some might be tempted to wait for the storm to pass before investing, but that’s a risky approach, according to data from JP Morgan’s Michael Cembalest.

It’s not that Cembalest thinks stocks have bottomed. Historically, stocks tended not to bottom until interest rates have peaked, says Cembalest. The best leading economic indicator, US PMI (Purchasing Managers’ Index) surveys, also suggest further market pain may be ahead. However, while…

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