Erin Browne, a multi-asset strategy portfolio manager at Pimco, said stocks would face tough times between now and the first half of 2023, as higher interest rates by the Fed and weaker consumer spending squeezed corporate profits. Browne said on Wednesday that the market could hit bottom "sometime in the first half of next year". That is why she says current profit estimates are "wrong" because they do not fully take into account the impact of tightening spending and the economic losses caused by the Fed's tightening policies. Browne said the S & P could fall to between 3500 and 3750, and a deeper recession could cause the index to plunge below 3000.