Jeremy Siegel on what caused the 2022 stock market decline

I attribute, therefore, most of the decline that we've seen to the rise in interest rates, not the fear of recession.  Not that there isn't a fear of recession.  There most certainly is.  But if you take a look at it, it's mostly an interest rate phenomenon that has caused this decline.

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Normally you have recession following boom.  We may just have a period of slow growth in the first half.  The Fed then lowers the rate and then we can commence growing again in the second half of 2023.

~ Jeremy Siegel, "The Economy in 2023: Jeremy Siegel's Forecast," Wharton Business Daily, 3:00, 7:55 mark, December 12, 2022