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Bloomberg News reports on an MLIV pulse survey, with 900 respondents including traders and investors. “While inflation’s effect on profit margins is very much an open question, the majority of MLIV readers appear closer to the bearish spectrum of a heated Wall Street debate on where stocks are headed.”

“It’s rare for the Fed to aggressively tighten policy without causing market volatility,” said John Cunnison, chief investment officer at Baker Boyer Bank. “Stocks aren’t wildly cheap right now, but they're not as expensive as they were six months ago, especially growth companies.”