The sizable rally in theover the past month is likely to fizzle out as higher interest rates take a toll on the U.S. economy, according to Morgan Stanley.
Michael Wilson, the chief U.S. equity strategist at Morgan Stanley and a longtime Wall Street bear, said in an analyst note on Monday that the Federal Reserve's aggressive tightening campaign that contributed to a spate of bank collapses in March could trigger other surprising problems. "If there is one thing that can throw cold water on the large mega-cap rally, it’s higher yields due to a Fed that can’t stop hiking," Wilson wrote in the note. to lift the benchmark federal funds rate nine times over the past year, and has opened the door to a 10th rate hike during its next meeting in early May despite recent turmoil in the financial sector and signs of a slowdown in the broader economy.There are other concerning developments in the market, according to Wilson.
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