As the calendar turns into November, it’s time for Wall Street analysts to start making their predictions for the next year.
The short version: less impressive returns and a more mature cycle. The S&P 500 SPX, -0.35% has already gained 25% this year, with many analysts expecting further gains into the seasonally strong end of the year. Inflation pressures will ease but still remain firm, leading to monetary policy tightening. In fact, markets are pricing in “the once unthinkable” — a European Central Bank exit from negative interest rates, though that may not come until 2024.
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