Citigroup cuts S&P 500 target to reflect blend of recession, ‘soft landing’ scenarios
Citigroup analysts have cut their S&P 500 target for this year by 500 points to 4,200, after stubbornly high inflation spurred the Federal Reserve to aggressively raise interest rates. “Fed hawkishness and the rising real rate impact on valuations has been a defining feature” of the stock market drawdown in the first half of 2022