S&P 500 Could Hit 5,000 by 2024 as Inflation Cools and Fed Pauses Rate Hikes, Says Strategist Phil Orlando
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The S&P 500 could hit 5,000 by end of 2024 according to veteran strategist Phil Orlando, chief equity strategist at Federated Hermes.
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Orlando believes the Fed is done with rate hikes, allowing the second leg of the bull market to continue into 2024.
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Inflation has cooled from highs this summer, coming in lower than expected at 3.2% in October.
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Higher bond yields have helped tighten financial conditions, doing "heavy lifting" for the Fed.
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Equities have rallied in November as outlook improves for rates. S&P 500 up 7% in past month, rally could continue into 2025-2026.