Meanwhile, Chief Investment Strategist Michael Hartnett believes the bull markets of 2024 will be bonds, bullion and market breadth. His take is that the risk of a hard landing for the economy is higher than expected, and he awaits with bated breath the combination of bearish investor positioning, recessionary corporate profits and policy easing.
Other forecasts include:
- S&P 500 to end 2024 at 5,000 – an all-time high
- Japan: An improvement in consumer spending and inflation to remain above consensus, a positive in the case of Japan. Strategists expect progress with corporate reform, evidenced by the highest number of companies raising guidance in ten years.
- The impact of fiscal investment programs should dissipate. BofA’s US economists expect consumption to slow down, but not to crash.
- Policy uncertainty could rise as elections occur in countries making up more than 60% of global GDP. BofA’s research team expects heightened policy uncertainty amid increasing political polarisation. Fiscal consolidation will become difficult, impacting rates.
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Source: fintechmagazine.com
