Investors are pushing back bets on when the Federal Reserve will begin cutting interest rates, but many Wall Street strategists believe this won’t alter stocks’ charge higher in 2024.
After a key inflation report showed an unexpected uptick in consumer prices last month on Wednesday, investors are now pricing in just two interest rate cuts in 2024, down from a peak of seven in early January.
Despite the market’s pullback in reaction to the latest inflation data on Wednesday, stocks have largely been resilient with regard to moves in interest rate expectations this year, with the S&P up about 8% to date — so a shift in market expectations for Fed policy is unlikely to derail the stock market rally.
Wells Fargo chief investment strategist Christopher Harvey, who boosted his year-end target for the S&P 500 (^GSPC) to a Street-high 5,535 on Monday, told Yahoo Finance the most important…
