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The State of Play
A few interesting tidbits about recent macro developments and market movements:

Yardeni Research: "We remain bullish on the S&P 500, which we expect will consolidate ... for a few more days before resuming the Santa Claus rally ... We are still forecasting ... 4600 by the end of the year. A solid break above 4550 could signal a very good start for stocks in 2024.”
Goldman Sachs: "Our baseline macro forecasts point to a roughly unchanged equal-weight S&P 500 P/E of 14x at year-end 2024 that would rank in the 65th percentile since 1976. In contrast, the aggregate S&P 500 P/E of 18x will rank in the 83rd percentile versus history."
Goldman Sachs: “We expect the FOMC to begin considering changes to the speed of runoff around Q3 2024 ... and to finish runoff in Q1 2025 ... The key risk ... is that the increased supply of debt ... causes intermediation bottlenecks ... that lead the Fed to stop runoff earlier.”
Bank of America: It's 2024 forecasts include a "soft landing in US and global economy, lower inflation, easier monetary policy, higher oil prices, lower US dollar, modest decline in bond yields, modest but broader upside in global equities.”
[ATTACH=full]165990[/ATTACH]
Source: Bank of America

<blockquote data-quote="eskys" data-source="post: 1252510" data-attributes="member: 87320"><p><h2>The State of Play</h2><p>A few interesting tidbits about recent macro developments and market movements:</p><p></p><ul>
<li data-xf-list-type="ul"><strong>Yardeni Research:</strong> &quot;We remain bullish on the S&amp;P 500, which we expect will consolidate ... for a few more days before resuming the Santa Claus rally ... We are still forecasting ... 4600 by the end of the year. A solid break above 4550 could signal a very good start for stocks in 2024.”</li>
<li data-xf-list-type="ul"><strong>Goldman Sachs:</strong> &quot;Our baseline macro forecasts point to a roughly unchanged equal-weight S&amp;P 500 P/E of 14x at year-end 2024 that would rank in the 65th percentile since 1976. In contrast, the aggregate S&amp;P 500 P/E of 18x will rank in the 83rd percentile versus history.&quot;</li>
<li data-xf-list-type="ul"><strong>Goldman Sachs</strong>: “We expect the FOMC to begin considering changes to the speed of runoff around Q3 2024 ... and to finish runoff in Q1 2025 ... The key risk ... is that the increased supply of debt ... causes intermediation bottlenecks ... that lead the Fed to stop runoff earlier.”</li>
<li data-xf-list-type="ul"><strong>Bank of America</strong>: It&#039;s 2024 forecasts include a &quot;soft landing in US and global economy, lower inflation, easier monetary policy, higher oil prices, lower US dollar, modest decline in bond yields, modest but broader upside in global equities.”</li>
</ul><p>[ATTACH=full]165990[/ATTACH]</p><h4>Source: Bank of America</h4><hr /></blockquote><p></p>

[QUOTE="eskys, post: 1252510, member: 87320"] [HEADING=1]The State of Play[/HEADING] A few interesting tidbits about recent macro developments and market movements: [LIST] [*][B]Yardeni Research:[/B] "We remain bullish on the S&P 500, which we expect will consolidate ... for a few more days before resuming the Santa Claus rally ... We are still forecasting ... 4600 by the end of the year. A solid break above 4550 could signal a very good start for stocks in 2024.” [*][B]Goldman Sachs:[/B] "Our baseline macro forecasts point to a roughly unchanged equal-weight S&P 500 P/E of 14x at year-end 2024 that would rank in the 65th percentile since 1976. In contrast, the aggregate S&P 500 P/E of 18x will rank in the 83rd percentile versus history." [*][B]Goldman Sachs[/B]: “We expect the FOMC to begin considering changes to the speed of runoff around Q3 2024 ... and to finish runoff in Q1 2025 ... The key risk ... is that the increased supply of debt ... causes intermediation bottlenecks ... that lead the Fed to stop runoff earlier.” [*][B]Bank of America[/B]: It's 2024 forecasts include a "soft landing in US and global economy, lower inflation, easier monetary policy, higher oil prices, lower US dollar, modest decline in bond yields, modest but broader upside in global equities.” [/LIST] [ATTACH=full]165990[/ATTACH] [HEADING=3]Source: Bank of America[/HEADING] [HR][/HR] [/QUOTE]

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