Stock Market Not Adjusted To Economic Slowdown Yet?

At the Sohn Investment Conference yesterday, Karen Karniol-Tambour, the Co-CIO of Bridgewater said that the stock market has not yet priced in the economic slowdown in the US.... How is that?

The S&P 500 is already down 14.8% this year.

"Profits are extremely high and it seems very unlikely they can remain this high at unprecedented levels forever"

Even though the market is down almost 15% this year, Karniol-Tambour believes that investors have only taken into consideration a rise in interest rates, and that there is much more volatility coming that can be brought on by continuing inflation concerns.