There’ll be a reckoning for investors who don’t adjust to a brand new investment playbook, says BlackRock iShares strategist

• There’s likely to be further pain ahead for US stocks, a BlackRock iShares strategist told Insider.
• Karim Chedid expects the Federal Reserve to hold interest rates above 5% for the whole of 2023.
• “Goldilocks doesn’t save the day in our new playbook,” he said, given the Fed is focused on inflation.

The Federal Reserve’s efforts to crush inflation have upended the traditional investing playbook, and anyone that hasn’t realized that will see their portfolio struggle, according to a BlackRock iShares strategist.

Karim Chedid told Insider he believes markets can no longer rely on a Fed “put” — where the central bank eases up on monetary tightening to support slumping stocks.