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Citi U.S. equity strategist Scott Kroenig discusses the uncertainty in the market and the possibility of entering a recession. The current market correction is attributed to valuation rather than earnings. The base case scenario for next year includes the likelihood of a mild recession with effects possibly seen early in the year. Expectations include weakness at the beginning of the year due to ongoing deceleration of key macroeconomic indicators and the Federal Reserve maintaining a hawkish stance.