Morgan Stanley Wealth Management comments on the dizzy heights for US stocks:
- rise of US stocks is seemingly detached from Federal Reserve monetary policy
- “uninterrupted 28% advance since last Halloween to all-time highs is now disconnected from real rates and Fed policy expectations”
- “better-than-expected economic growth favours cyclical over secular growers who dominate the ‘Magnificent 7’ as nominal GDP growth remains above 5%”
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Think its disconnected now? Wait until no rate cut June and even higher stocks.
