��We still believe the recession will start in 2022 but are pushing out the trough of the recession to winter 2023. The reason is that the rate hikes now appear to be front-loaded into 2022. That implies that the impact of the rate hikes should come as quantitative tightening is having a more noticeable effect on the liquidity,�� said Paul Christopher, head of Global Market Strategy at Wells Fargo Investment Institute. 
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Wells Fargo Investment Institute