The S&P 500 could plunge another 16% and won't bottom until the Fed starts to cut interest rates, UBS says

The $S&P 500 Index (.SPX.US)$ will fall to 3,200 points before it hits a low in Q2 next year, UBS has forecast.
US stocks won't recover until the Federal Reserve starts cutting interest rates, the bank said.
"The speed of that pivot will drive every asset class next year," UBS strategists said Monday. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$