The end of the Federal Reserve's campaign to raise interest rates is approaching, according to Morgan Stanley strategist Michael Wilson.
The end of the Federal Reserve's campaign to raise interest rates is approaching, according to Morgan Stanley strategist Michael Wilson, who until recently was a prominent stock market bear who correctly predicted this year's slump in equities.
All eyes will be on the U.S. central bank, which is widely expected to raise rates by 75 basis points on Wednesday for a fourth time, while investors will be dissecting Chair Jerome Powell's commentary for guidance on future moves. U.S. stocks have rallied over the past two weeks as traders parsed economic indicators for signs of the impact of Fed tightening, even as Big Tech earnings disappointed.
Separately, Goldman Sachs Group Inc. strategists said the potential down shift in the pace of Fed tightening, coupled with light positioning and anticipation of strong fourth-quarter seasonality is behind the lift for equity markets in recent weeks. The Morgan Stanley strategists expect the S&P 500 to rally to 4,150 points, about a six per cent gain from Friday's close, amid their short-term bullish call. They use 3,700 as their trailing stop loss level. Last week, Wilson said the bear market is likely to end sometime in the first quarter.
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