According to Goldman Sachs CEO David Solomon, the downturn in the U.S. stock market will continue into 2023, with about a 2 in 3 chance of a recession, Yahoo writes.

At a Wall Street Journal board conference, Solomon said he expects the stock market, oil prices and real estate (both commercial and residential) to fall, while the dollar may rise slightly next year.

That said, the odds of a “soft landing” that won’t send the economy into recession are slim at just 35%. As for inflation, it will be close to 4%, the final rate will be 5% and economic growth will be 1%.

Note that Solomon’s personal opinion shows less optimism than the consensus forecasts of his bank’s economists, who believe the U.S. economy will barely but avoid recession and the stock market will remain flat next year.

Solomon did not give a precise forecast for 10-year bond yields: according to him, it all depends on whether the economic downturn will be avoided.

Goldman Sachs analysts predict the federal funds rate will peak at between 5% and 5.25% around the middle of next year.

That said, it is unlikely that the Federal Reserve will start cutting interest rates in 2023.