Investor Peter Boockvar believes Wall Street is coming to grips with a painful reality: Inflation isn’t moderating, so the Federal Reserve won’t pivot.
"If labor costs remain sticky, if they continue to rise at the same time the revenue side starts to slow in the face of this slowing economy, you're going to have further cuts in earnings estimates at the same time." he said."I don't think this market just ends with a [p/e] multiple at 17x."CNBC"Fast Money" trader Brian Kelly also sees more trouble for stocks and the economy, particularly housing.
"We're just barely seeing the cracks in housing. So, as that starts to come down, people are going to feel like they had less money than they did before… And then, we don't know what that's going to do to the economy," he said."This 75 [basis point rate hike] might even be a mistake. We know there's a lag.
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