Wall Street Strategists Raise S&P 500 Price Targets Amid Positive Inflation Numbers. Here's Why the Fed's One Cut Forecast May Alredy Be Outdated from hi may Watch Video

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✓ Published: 18-Jun-2024

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The latest inflation data is providing a boost to the current stock market rally, with the S&P 500 and Nasdaq hitting four straight record closes last week. Wall Street strategists are raising their year-end price targets for the S&P 500. The May Consumer Price Index and Producer Price Index showed significant progress towards the Fed's inflation goal. Economists believe this indicates a positive reading of the Fed's preferred inflation gauge. The Fed's latest Summary of Economic Projections showed a median forecast of just one rate cut in 2024. Still, strategists believe this may already be stale given the positive inflation data released after the Fed's meeting.