Some investors believe the rise in stocks has left markets more vulnerable to reversals if consumer prices do not keep cooling or the Fed is less dovish than expected. _ Reuters
NEW YORK: The Federal Reserve’s last monetary policy meeting of 2023 and a US inflation report in coming days should test a stock market rally that some view as stretched following weeks of gains.
Bets the Fed will begin cutting interest rates sooner than expected have fuelled a surge in US equities, which received a tailwind from a rapid decline in Treasury yields. The S&P 500 up nearly 20% in 2023 after a monthly gain in November that was its biggest of the year.
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