Wells Fargo strategist Christopher Harvey sharply reduced his expectations for the stock market in 2019, making him easily the least optimistic forecaster on Wall Street.

Even with the sharp cut, though, pretty much every major house on the Street sees the market higher in the year ahead, despite the brutal correction and potential bear market that looms over investors as 2018 comes to a tumultuous close.

Before the new year even begins, Harvey cut his price target for the from an original outlook of 3,079 to a much more muted 2,665. That's a 13.4 percent reduction that the bank's head of equity strategy attributed largely to fears of an over-aggressive Federal Reserve, which hiked its benchmark interest rate four times this year, most recently on Dec. 19.