The S&P 500 could crash by 30%, a recession is likely underway, and interest rates might not fall before summer, market prophet says

• A market prophet says the S&P 500 could crash 30%, and a recession is probably underway.
• Gary Shilling doubts the Fed will cut interest rates before summer, but sees a return to 1% or 2%.
• Shilling prefers Treasuries to gold, predicts earnings will weaken, and expects many more layoffs.

The S&P 500 could plummet 30%, a US recession may already be underway, and the Federal Reserve is unlikely to cut interest rates before the summer, a legendary market prophet has warned.