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KKR & Co. Inc.’s expects inflation and tightening financial conditions to adversely impact corporate profits, according to the firm’s 2022 Mid-Year Global Macro Outlook. Henry McVey, head of Global Macro and Asset Allocation for KKR, said S&P 500 earnings per share will go down by 5% in 2023, compared to a consensus expectation for growth of 9%. KKR’s McVey also predicts oil prices will be higher for longer, with projected prices of $115 in 2023 and $100 per barrel in 2024. KKR forecasts goods deflation in the U.S. in 2023, but expects services, food, and energy inflation to remain elevated.
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