Point72 Exec: Prepare for More Market Swings As US Growth Slows in 2023
• Investors should prepare for market volatility as US economic growth slows in 2023, says Point72's Sophia Drossos • Point72 expects GDP growth to drop to 1.5% in Q4 from 4.9% in Q3 due to higher interest rates • Wall Street has piled into an “everything rally” recently, but Drossos sees consumer sentiment worsening • If job market and consumption weaken more than expected, growth forecasts could fall further • The "US exceptionalism story" is fading as the Fed's previous hikes continue slowing the economy