The Federal Reserve reduced its economic outlook and reiterated its commitment to increase interest rates. Wells Fargo analysts see a recession in the first half of next year. However, the Fed is expected to slow down in its rate hike aggression as inflation is expected to ease eventually, which should bode well for the market.
According to a Bankrate survey of investment professionals, the S&P 500 is expected to reach 4,243 in the coming year. “While there’s intense interest in the daily movements of the stock market and individual issues, most mere mortals aren’t capable of successfully timing the market. That’s why staying invested is key for long-term investors,” Mark Hamrick, Bankrate’s senior economic analyst, said.
