The Stoxx 600 last month slumped into a bear market.
BofA strategists said to “bite” into the S&P 500 at the 3,300 level.
The S&P 500 Index is close to testing its 200-week moving average.
Strategists' dimming outlook comes at a tough time for a region that's grappling with soaring inflation.
If history is any guide, markets may rise after the newest meeting is done and dusted.
A Fed meeting, macroeconomic numbers and earnings all converge this week.
Global growth and profit expectations sank to an all-time low.
A 1970's-style inflation shock could send the index crashing about 33% from current levels.
The S&P 500 remains more than 16% below its January record high.
Citi's bear market checklist is currently warning about only six out of 18 red flags.
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