Wells Fargo sees end of year U.S. recession, cuts GDP view

　　div classBodysc17zpet90 cdBBJodivpReuters – Wells Fargo Investment Institute said on Wednesday it adjusted its economic expectations to make a mild U.S. recession its base case for the end of 2022 and early 2023 based on economic data.p

　　pWells Fargos research arm also cut its yearend 2022 Gross Domestic Product GDP growth target to 1.5 from 2.2 and cut its yearend 2023 target to a decline of 0.5 from GDP growth of 0.4. It kept its 2022 yearend Consumer Price Index CPI inflation estimate at 7.7.pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pIt also cuts its S&P target for yearend 2022 to range of 4,2004,400 from a range of 4,5004,700 but kept its 2022 EPS estimate at 220.p

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　　pp Reporting By Sinéad Carew Editing by Chizu Nomiyamap

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