U.S. stocks are starting 2023 at much cheaper levels after Wall Street's biggest swoon in 14 years but the potential for a recession combined with higher interest rates means equities may not be priced low enough to lure investors.
reached an all-time high a year ago, the index's price-to-earnings ratio has fallen over 20% from its peaks to levels closer to historic averages.
"At best, you can say that valuations are average," Lerner said, "but the question I think you have to ask yourself is average enough given elevated recession risk?" UBS economists forecast a recession from the second through fourth quarters of this year, "as rate hikes push a vulnerable economy into contraction."
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