Fed’s Pivot Is Forcing Stock-Market Skeptics to Become Believers
- Morgan Stanley’s Wilson, Piper’s Kantrowitz deem shift bullish
- ‘I was wrong this year’ on equities returns, Kantrowitz says
The Federal Reserve building in Washington, DC.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
The Federal Reserve’s dovish policy pivot is cornering even the most steadfast Wall Street bears into changing their tune on US equities.
Morgan Stanley’s Mike Wilson, who’s been one of the biggest pessimists among sell-side strategists, said Monday that the central bank’s shift last week is “a bullish outcome” for stocks. Piper Sandler & Co.’s Michael Kantrowitz — who held the most glum S&P 500 Index outlook this year — issued a mea culpa and now says the rally can continue, and the breadth of the advance is likely to improve.