Powell: "Buy Stocks and Bonds"

Okay, he didn’t actually say that. But, he might as well have. His latest press conference was completely devoid of any hawkish sentiment. Not only did SPX shoot up past our year-end target… …the 10Y plunged to our downside target.The message was clear. Interest rates are coming down and the Fed’s third mandate (higher stock prices) is officially in play, with all-time highs are right around the corner. But, are they?

We don’t wish to sound negative, so we’ll let Goldman Sachs’ 2024 Equity Outlook do it for us. Stocks might be near record highs, but it’s really just the magnificent 7 which are reaching rarified air. The rest…not so much.

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