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S&P 500 could hit 4,600 by the end of the year: Ed Yardeni

S&P 500 is currently up more than 5.0% versus the start of the year, which, Ed Yardeni says, is a only a trailer of what’s to come.

Yardeni explained his bullish view on CNBC

That’s an interesting call since many are still worried about the recent bank failures.

On top of that, there’s fear of a recession as the central bank continues to lift rates in its fight against inflation. Still, the President of Yardeni Research said today on CNBC’s “Closing Bell”:

This banking crisis is going to be very well contained by both the Federal Reserve and the Federal Deposit Insurance Corporation. At the same time, I think it’ll keep the Fed from raising interest rates even further.

Last week, Chair Jerome Powell opted for a 25 bps increase in interest rates and signalled one more hike in 2023 as Invezz reported HERE.

Yardeni sees about a 15% upside in S&P 500

According to Ed Yardeni, the equities market could hit 4,600 by the end of this year – up nearly 15% from here. And that’s when he doesn’t even expect the Federal Reserve to cut rates this year. Yardeni noted:

I think they are now in a restrictive enough level where they don’t have to keep raising interest rates.

The President of Yardeni Research agrees that the United States has been in a rolling recession for over a year that popped up in different sectors at different times but did not result in a major threat to the broader economy.

S&P 500 is currently trading at about 19 times – higher than its historical average.

The post S&P 500 could hit 4,600 by the end of the year: Ed Yardeni appeared first on Invezz.

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