“The mantra now is that bad news may turn out to be good news for the markets. Over the past couple of weeks, policymakers around the world have indicated that should any kind of negative event roil the markets, central bankers are prepared to take some form of action or, in the case of the Federal Reserve, non-action. …
“While it is always prudent to be mindful of potential headwinds, the bottom line is that policymakers have made it very clear that their tolerance for sharp declines in risk assets is virtually nonexistent. They are prepared to take action (or inaction) as necessary.
“Against this backdrop, I do not see significant risk to my forecast that the S&P could climb to a high of 2,175 in the next few months.
“Given policymaker commitment to support risk assets, it is likely that the rebound that has been underway in credit and equity prices will continue to endure over the coming months, regardless of bad news or concerns about slowing global growth.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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