"Investors should not hold breath and wait for the Federal Reserve to pivot. The Fed will prove victorious in the inflation fight. Interest rate increases could continue into 2023. Risk of a recession is on the rise although we still see pockets of strength in U.S. economy. Inflation has taken a bite out of consumer savings, but household balance sheets remain healthy. Earnings season is off to a decent start, but profit forecasts need to come down to reality. Just as stocks tend to peak before the economic cycle, they also begin to recover before the economy exits a downturn," says Adam Phillips.