Franklin Templeton: Fed Likely to Cut Rates 4 Times in 2024 to 4.3%, Bringing Down Inflation and Potentially Stocks
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Expect 4 interest rate cuts in 2024 to bring fed funds rate to 4.30% by year-end (Franklin Templeton survey prediction)
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Cuts likely to start in June/July and be 25 basis points each
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Inflation estimated at 2.7% by end of 2024
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Stock market has "irrational exuberance", S&P 500 overvalued at 21x forward P/E
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S&P 500 forecast at 4,750 by year-end; question is whether concentration in mega tech stocks continues or diversifies