The Roccki Group at Morgan Stanley

With the Fed indicating it will taper asset purchases on a more aggressive timeline, this is a distinct tightening of financial conditions. We think there is still more downside to valuations and we expect growth to disappoint expectations:

GIC Investment Perspectives December 2021 - 1519042

Just like bear markets have ended with a recession, the mid-cycle transition is ending with a correction. We expect the next and final stage to end with a 10%-15% correction in the S&P 500 and Nasdaq, says MS & Co. CIO Mike Wilson:

GIC Investment Perspectives November 2021 - 1512299