Recent action in the U.S. stock market suggests investors are beginning to price in a “no landing” economic scenario that involves an expected pickup in growth, Morgan Stanley equity strategists said on Monday.
Strong economic data and firmer-than-estimated inflation reports have also reduced expectations for Federal Reserve interest rate cuts. Traders in fed fund futures on Monday were betting on a total of 62 basis points of rate cuts this year, down from January estimates of 150 basis points. “This broadening is being led by cyclical industries... which is supportive of the notion that the equity market is beginning to process a better growth environment,” Morgan Stanley said in the note.
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