‘Here’s the bad news’: Equity chief warns of ongoing correction
Since the U.S. Federal Reserve’s rate hike cycle, the S&P 500’s average price-to-earnings multiple had adjusted from 22 times to 16 times, Griffin said. “We have all underestimated inflation, interest rates,” he acknowledged. “The Fed has gone from saying interest rates in 2023 will be zero 18 months ago. They are now saying rates in …
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