BofA: US Fed May Cut Rates from 2H23, Lowers S&P 500 Target to 3,600
Bank of America lowered its S&P 500 target for this year to 3,600, expecting the U.S. to slip into a moderate recession in the second half of year. Equally, the U.S. Fed may suspend interest rate hike in the first half of 2023, and chop rates in the second half of 2023.