By this time last year, the stock market’s rally had blown past even the most optimistic targets and Wall Street forecasters were convinced it couldn’t keep up the dizzying pace.
All across Wall Street, on equities desks and bond desks, at giant firms and niche outfits, the mood was glum. It was the end of 2022 and everyone, it seemed, was game-planning for the recession they were convinced was coming.
