Analysis: Investors brace for hard landing as banking woes stoke recession fears

was caught up in a crisis of confidence sparked by the collapse of Silicon Valley Bank last week, hammering its shares., while signs of heightened economic anxiety were apparent in a more than 30-basis point decline in two-year Treasury yields - which closely follow interest rate expectations - and a 5% drop in Brent crude to its lowest level in a year.

“When the facts change, my view changes. A financial accident has happened, and we are going from no landing to a hard landing driven by tighter credit conditions,” he wrote in a Wednesday note. Jacobsen believes the S&P 500 is likely to fall through its October closing low of 3,577, nearly 8% below its current level of 3,891. That contrasts with his outlook two weeks ago, which saw the index rising to 4,400 by year-end.

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