Dr. Doom economist Nouriel Roubini argued that the market was pricing in a hard landing for the US economy and that the Fed would slash interest rates too pessimistically. "There is some important evidence of a slowdown, but I don't think the data suggest a hard landing anytime soon," he said. "There are actually some strong factors in the economy." Mr. Roubini's comments come as markets expect the Fed to cut interest rates by about 100 basis points by the end of the year. While markets are nervous about a recession, he noted that similar judgments have been wrong in the past. "I think the stock market has predicted 10 of the last three recessions. The market has often misjudged the economic situation and the actions of the Fed."