(Reuters) – Wells Fargo (NYSE:) Investment Institute stated Wednesday that it had adjusted its economic outlook to create a mild U.S. depression as its base case, based on economic data.

Wells Fargo’s research arm also lowered its annual 2022 Gross Domestic Product growth target from 2.2% to 1.5% and its 2020 target from 0.5% to GDP growth of 0.4% to 0.5%. According to its Consumer Price Index (CPI), 7.7% was retained for the 2022-end Consumer Price Index.

It also cuts its S&P target for year-end 2022 to range of 4,200-4,400 from a range of 4,500-4,700 but kept its 2022 EPS estimate at $220.