The call puts UBS' market strategist at a Wall Street high.
The S & P 500 could surpass 5,600 if cooling inflation leads to rate cuts, according to UBS. Strategist Jonathan Golub said that even his target, which was set in late May, could get left behind on a market rally this year. And if that target is just met and not exceeded, that'd still mean the benchmark index will rise another 3.3% from where it finished Wednesday's session – and push further into record-high territory.
SPX YTD While the number of anticipated interest rate cuts in 2024 has jumped around, three to four are now expected over the next 12 months, Golub noted. That's up from the forecast of fewer than two seen at the end of April, and can signal growing expectations for easing monetary policy in the future. He also noted that Treasury yields keep retreating, while earnings forecasts and general financial conditions continue improving.
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