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The opposite final result is a gentle touchdown with accelerating nominal development.
This bullish view has gained chance share after final month’s assembly of the U.S. Federal Reserve, in line with Wilson.
The ultimate state of affairs is a tough touchdown, with recession odds at present nonetheless above common as a number of gentle and onerous macro information sequence stay depressed relative to historical past. In opposition to this backdrop, conventional defensives would outperform, he mentioned.
Different Wall Avenue strategists have been warning that U.S. equities are due a pause after final quarter’s sharp good points.
Nonetheless, a number of, together with these at Goldman Sachs Group Inc. and Financial institution of America Corp., nonetheless count on the S&P 500 to set new file highs this 12 months. Most not too long ago, RBC Capital Markets strategist Lori Calvasina raised her goal to five,150, implying the index will acquire about 10% by way of 2024.
Wilson has maintained his 2024 goal of 4,500 for the S&P 500 since November. The index closed Friday at 4,697 factors.
Pictured: Michael Wilson of Morgan Stanley. Picture: Bloomberg
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