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Scott Kroenirig, Citi U.S. equity strategist, discusses the possibility of a recession and its impact on the market. The current market correction is mostly due to valuation, not earnings. The base case is a mild recession scenario for next year, with effects likely in the first part of the year. The end of this year may be strong, but weakness is expected at the start of next year due to ongoing macro deceleration and the Federal Reserve's hawkish stance.
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