Wall Street finally looks to be embracing the idea that the Fed will hike rates into restrictive territory and stay there.
Ryding sees a potential need for the Fed to hike as high as 5%, from the current range of 2.25%-2.5%.
Respondents put the recession probability in the U.S. over the next 12 months at 52%, little changed from the July survey. That compares with a 72% probability for Europe. The bigger problem, however, is that most respondents do not see the Fed succeeding at hitting its 2% inflation target for several years.
About half say stock prices are too high relative to the outlook for earnings and the economy, and half say they are too low or just about right.
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