If Fed continues to hike AND shrink balance sheet therefore doing demand destruction then credit will be So Tight that US economy will contract and present recession will become a Depression.
Such a conditions could make Nasdaq drop another 20% and SPX another 12% from present levels
Will Federal Reserve do Yield Curve Control to stop this going to 2 or 2.1%? Or will real inflation defeat the Federal Reserve and make it got to 2.5 and 3% this year?