Wells Fargo says "a mild recession our base case "

Via a Wells Fargo note issued Wednesday (US time):

• "Based on economic data trends we have been tracking, we believe the economy is now beginning to cross over a probability level that makes a mild recession our base case for the end of 2022 and early 2023, and we are continuing to shift out equity sector guidance and allocations to more defensive positioning,"

Wells Fargo revised their year-end GDP target for 2022 to 1.5% (down from 2.2%)

• and -0.5% for 2023 (from 0.4%)