Recent analysis highlights the severity and historical context of bear markets, noting that they typically result in average declines of around 60% and can last over three years before a full recovery is achieved. According to data from Goldman Sachs, bear markets are relatively rare, with the S&P 500 experiencing only seven such drawdowns in the past 50 years. The most recent bear market occurred in 2022, driven by peak inflation in the U.S. and aggressive interest rate hikes by the Federal Reserve. Historical patterns show that bear markets often feature multiple rallies, as seen during the Great Financial Crisis and the Dot-Com Bubble, where the S&P 500 recorded over six and five to six rallies, respectively. Current indicators suggest a 70% probability of a recession, as noted by Goldman Sachs.