"The market is finally coming to the realization that elevated interest rates are here to stay and the idea of a Fed pivot anytime soon is wishful thinking," said James Demmert, chief investment officer at New York-based Main Street Research.

"The global economy is more resilient than many realized, which will make inflation stickier and is extending central bankers' terminal rate target," he added. "Inflation has come down but is nowhere near the Fed's 2% target so there is much work to be done given the stubborn strength of the economy and wage inflation."

"Though we continue to believe that the global bear market, now in its 14th month, has made tremendous progress we do not believe we have yet started a new bull market and investors should still exercise caution," said Main Street's Demmert. "We advise a lower-than-normal equity exposure until market valuation, sentiment and Fed policy are more accommodative .. and to reach out to longer maturity, quality individual bonds as well as short and intermediate paper."

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Read the full article here: Forget The Fed: Stocks Will Slump Even If Jerome Powell Slays Inflation Beast.