The bottom of the bear market is still 10% away, Morgan Stanley Wealth Management says. And the odds of a recession have doubled, too

Reuters

Dollar falters as U.S. yields retreat amid recession risks

The dollar slipped against most major peers on Wednesday as a decline in U.S. yields took some of the sheen off the currency, with investors mulling the risk of a recession from aggressive Federal Reserve rate hikes. Treasury 10-year yields slid more than 1 basis point in Tokyo, trading to around 3.17% as Asian equities followed Wall Street lower. U.S. shares fell after a steep drop in U.S. consumer confidence stoked worries about a slowdown as the Fed rushes to get inflation in check.