|Wall Street’s big predictions for 2023 are already crashing and burning.
Finance workers of all stripes are returning to work after skiing, gallivanting around the Caribbean, or just visiting Mom for the holiday season, senior correspondent Linette Lopez writes.
But as they settle in at their desks and turn on their trading terminals, they’re in for a rude welcome: The market is already making a mockery of their prophecies.
Around the time everyone starts listening to Mariah Carey’s “All I Want for Christmas Is You,” Wall Street’s phalanx of analysts and economists participate in their own annual tradition: rolling out long jargon-packed reports predicting what’s to come in the year ahead. In normal years, they even get a few of these predictions right.
But 2023 is already not a normal, stable year, and some of Wall Street’s biggest predictions — on everything from interest rates to recessions — are souring as quickly as a carton of milk.