The inflation reading for New Zealand will be the first key economic reading for the newly elected National government.
UBS chief investment officer Mark Haefele says the yield on the 10-year Treasury could pull back below 4% by the middle of next year, while the S & P 500 ticks up to 4,500. 'This is a great time for people to get their portfolios more in balance because we see positive returns across cash, bands and equities.
When we look out towards the middle of next year, we can see the S & P 500 probably about 4500 and we can see the 10-year at about 3.5%,' Haefele told CNBC's ' Squawk on the Street ' on Monday. 'If we have a hard landing...you can get lower than that.' Haefele added that so-called bond vigilantes aren't overly concerned with the prospect of a U.S. default, which underpins his thesis for a dip in the benchmark 10-year Treasury.
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