S&P 500 Could Plunge 20% in Coming Recession, Then Surge to Record High by 2024: Strategist
• S&P 500 could fall 20% this spring as a recession hits, then surge to a record high by end of 2024 (propelled by Fed rate cuts)
• Marko Papic, chief strategist at Clocktower Group, sees "extraordinary and unnecessary" Fed easing in 2023-2024
• Sees recession over next 2 quarters due to growth slowdown, lack of fiscal stimulus, and pullback in corporate spending
• Suggests Fed may overcut rates for political reasons - to boost economy and aid Biden's re-election chances
• Consumers still financially healthy - many households have built up cash, ready to deploy in real estate once prices dip in a recession