“Populism (which the Fed and Treasury seemingly embrace) leads to poor choices and even worse outcomes. Rate repression may again create a bubble that bursts (always do), followed by a lost decade,” said a team at Stifel.
Of the dozens of central bank meetings crammed into this week, the Federal Reserve is seen stealing the show with a tapering start and possible early rate-hike hints.
“Later in 2022-23E, we believe the ‘behind-the-curve’ Fed might create the third bubble in 100 years, by 2023 to 6,750 for the S&P 500 ,” said the Stifel team. The only way to prevent such a bubble would be for the Fed to heed its own financial stability report, where it warned over elevated risk appetite among retail investors and high equity and real estate valuations, and “tilt hawkish.”
South African researchers say a two-shot course of Pfizer and BioNTech’s BNTX, +6.22% COVID-19 vaccine is about 23% effective against the omicron coronavirus variant, but may still prevent serious disease. Pfizer also got upgraded to buy at UBS, which sees $50 billion in COVID franchise sales next year.
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