Global investors are preparing for more market mayhem after a monumental week that whipsawed asset prices around the world, as central banks and governments ramped up their fight against inflation.
Signs of extraordinary times were everywhere. The Federal Reserve delivered its third straight seventy-five basis point rate hike while Japan intervened to shore up the yen for the first time since 1998. The British pound slid to a fresh 37-year trough against the dollar after the country's new finance minister unleashed historic tax cuts and huge increases in borrowing.
For now, the selloffs across asset classes have drawn few bargain hunters. In fact, many believe things are bound to get worse as tighter monetary policy across the globe raises the risks of a worldwide recession. Kotok said he is positioned conservatively with high cash levels. "I'd like to see enough of a selloff to make entry attractive in the U.S. stockmarket," Kotok said.
"The market is getting closer and closer to pricing in this recession that is widely expected but it is not yet fully priced in."Goldman Sachs strategists on Friday lowered their year-end target for the benchmark U.S. stock index, the S&P 500Bond yields, which move inversely to prices, surged across the world. Yields on the benchmark U.S.
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