Remarks on Monday from a Morgan Stanley note to clients:
- “With the S&P 500
rally now crossing the 20% threshold, more are declaring the bear market officially over - We respectfully disagree due to our 2023 earnings forecast.
- Ironically, a Fed pause may awaken the bear tactically just as liquidity headwinds ramp up.”
Morgan Stanley have low expectations for 2023 earnings and see this flowing into equity pricing.
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