(Bloomberg) -- Wall Street’s most vocal bull, JPMorgan’s Marko Kolanovic, now sees growing market risks as central banks have grown increasingly hawkish in their fight against inflation and after the destruction of the Nordstream pipelines feeding natural gas from Russia to Europe.

Kolanovic wrote in a note Friday that his previously positive outlook “was based on an assumption that central banks will not make a grave policy error, that the war in Europe will de-escalate.” But the bullish strategists is “increasingly worried” and the bank’s price targets are at risk as central bankers sound increasingly hawkish.

“While we remain above-consensus positive, these targets may not be realized until 2023,” or when the risks to the market ease, he wrote. 

The destruction of the Nordstream pipelines this week “significantly increases tail risks and makes it very difficult to de-escalate near term,” Kolanovic writes. On Friday, Russian President Vladimir Putin announced he would annex regions of Ukraine in a further escalation.

Kolanovic isn’t the only Wall Street strategist to change their view this week. On Tuesday, Morgan Stanley’s Mike Wilson, one of Wall Street’s best known stock skeptics, said US equities are in the final stages of a bear market.

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