Stocks just had their best first quarter in 5 years — here's where strategists think the market is headed

). The prevailing bet is that the US economy will continue to grow as inflation falls closer to the Fed's 2% goal, a so-called soft landing scenario.

The two downside cases explore similar topics to those often referenced by the persistent bears on the Street. One is where the market's expectations forare too optimistic, and that brings down the whole market. The other is that the Federal Reserve's battle against inflation leads to a higher-for-longer interest rate strategy that eventually stunts economic growth and spawns recession.Both negative scenarios would lead to the S&P 500 hitting 4,500, per Goldman's estimates.

The Wall Street entrance to the New York Stock Exchange is seen in New York City, Nov. 15, 2022. , the firm's chief global strategist Binky Chadha has noted the equity strategy team feels more confident in its bull case for the S&P 500 this year, which sits at 5,500, about 5% upside from current levels.

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