Don’t expect much from stocks for the next decade, says JPMorgan

As investors are navigating all the buzz about this week's potential rate cut and the upcoming presidential election, JPMorgan is forecasting a serious risk to long-term stock returns. The market appears to be too expensive relative to history, according to the firm, which is projecting a 5.7% annual return from the S & P 500 over the next decade. That's barely above half of its post-World War II average, analyst Jan Loeys said in a recent note to clients.

"We have been warning over the last few years about the risk of a coming end of the Great Moderation because of more active fiscal policies and a reduced fixation with inflation control. This would raise risk premia and thus depress equity multiples," Loeys wrote in the Friday note.

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