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The S&P 500 could crash by 30%, a recession is likely underway, and interest rates might not fall before summer, market prophet says

The S&P 500 could crash by 30%, a recession is likely underway, and interest rates might not fall before summer, market prophet says

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The S&P 500 could plummet 30%, a US recession may already be underway, and the Federal Reserve is unlikely to cut interest rates before the summer, a legendary market prophet has warned.

Gary Shilling, who served as Merrill Lynch’s first chief economist before launching his own consulting firm over 45 years ago, delivered the dour outlook on a Rosenberg Research webcast in late December. He rang the alarm on company earnings, touted government debt over gold, and predicted layoffs would accelerate in the months ahead.

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