Global stocks will shake off recent weakness and rise over the next 12 months but at a more tempered pace than this year’s rally, found a Reuters poll of equity analysts who also said a correction was likely in the next six months.

Uncertainty around the virulence of the Omicron coronavirus variant and its ability to evade vaccine protection led to a rare sell-off in financial markets last Friday.

But some analysts reckon that flight to safe assets and heightened volatility suggests markets may be in for a bumpier ride in the short run.

Indeed, when asked if a correction in their local equity market was likely, about three-quarters of respondents – 79 of 106 – in a global poll covering major indexes from over a dozen countries said Yes.

Federal Reserve Chair Jerome Powell’s remarks on Tuesday that the U.S. central bank would discuss whether to accelerate the unwinding of its asset purchases programme didn’t help risk assets.

“Looking ahead, we continue to see the market upside, though more moderate, on better-than-expected earnings growth with supply shocks easing,” said Dubravko Lakos-Bujas, chief U.S. equity strategist and global head of quantitative research at JPMorgan Securities.