On Friday, in his most recent note on the market, Goldman Sachs’ top U.S. stock market strategist predicted the rest of the year in the market will be a serious disappointment.

“Our year-end target remains 2,100, reflecting a potential 6-month return of 0.1%,” the Goldman Sachs analyst team wrote, which is headed by David Kostin, referring to the compounded annual return of the S&P 500 in a report titled “Flat is the new up.”

That represents a return of 2.74% for the whole year. That’s above the S&P 500’s return of 1.4% in 2015, but considerably below the S&P 500’s average returns over the past 10 years of 7.25%.

And don’t expect markets to rally in the first half of 2017, either. Goldman added that the S&P will likely trade at 2125 in 12 months—representing a 1.24% return from now.

And that’s if the economy only gets mildly worse. Right now, Goldman is only predicting that Brexit will be a mild hit to the U.S. economy, lowering growth by a tenth of a percentage point this year, and a fifth of a percentage point in 2017.

But things could end up being a lot worse. Goldman, for instance, is also expecting the U.S. 10-year treasury yield the end the year at 2%—down from its previous estimates of 2.4%. That would be a major improvement from where yields are now, which is around 1.30%.

If the economy does worse that Goldman expects, even its current downer of an outlook for investors could end up looking overly optimistic.