Stocks Seen Surging to New Highs as Fed Shifts Focus from Inflation Fight
• Stocks are rallying on improving liquidity conditions as Fed shifts away from inflation fight • Fundstrat's Tom Lee predicts S&P 500 will rocket to new high of 5,200 in 2024 • Expects Fed to cut rates next year from 5.25-5.5% currently to 3.2-3.5% by end of 2023 • Credit spreads narrowing and high-yield bonds rallying signals liquidity boost to markets • Cyclical stocks and small caps turning higher suggests economy still expanding, supporting uptrend