BofA Strategists Cut S&P 500 Projection

The S&P 500 has dropped 13% so far this year, and many experts are turning more bearish toward stocks.

Bank of America strategists led by Savita Subramanian list some of the unanticipated negative factors that have cropped up this year.

“What’s changed since Jan. 1?” they ask rhetorically in a commentary. “We weren’t forecasting a war, and the Russia/Ukraine conflict exacerbated commodity price inflation and also hit Europe GDP hard.”

In addition central banks, particularly the Federal Reserve, have turned much more hawkish, the strategists noted.

Source: https://www.thestreet.com/investing/bofa-sp-500-forecast-lower?puc=yahoo&cm_ven=YAHOO&yptr=yahoo