The Fed has already raised rates by 450 basis points in the past year, with markets anticipating another 50 to 75 basis points later this year.
But Calvasina also cited low investor sentiment as another factor in her forecast potentially skewing to the upside. "If you look at the depths of individual investor sentiment at the end of last year, we were basically down around financial crisis lows for an extended period of time," she said."And historically, when you've been below 10% in favor of the bears over the bulls, it set you up for about a 15-16% return on the year."
Calvasina is not alone in holding a more optimistic outlook on what's to come. Fundstrat's Tom Lee published aIn an , he added that deflation in certain sectors shouldn't be overlooked, saying:"I think you might be printing 2% inflation starting in the summer."
The Fed is intent on inducing a recession.
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