The stock market’s nightmare scenario of a 50% drop is now more likely after the ‘stubborn’ Fed’s biggest rate hike in decades, hedge-fund strategist says

• A “stubborn” Federal Reserve has increased the likelihood of a prolonged recession, according to Axonic Capital’s Peter Cecchini. 

• That’s because the Fed could cause economic whiplash that leads it to cutting interest rates sooner than expected.

• “The 1970’s drawdown scenario of almost 50% for the S&P 500 is becoming all the more likely,” Cecchini said.

The Federal Reserve’s decision to…