Morgan Stanley: Valuations appear rich, reaffirms 4500 price target on S&P 500

Morgan Stanley: Valuations appear rich, reaffirms 4500 price target on S&P 500

Morgan Stanley said they still expect a soft landing for the US economy, though they have lowered the probability to 50% from the previous 80%.

However, the firm’s economists believe the cycle's terminal rate will be 3.625% by the end of 2025, saying the economy is now entering “a new secular rates regime driven by structural changes and higher debts/deficits.” Moreover, the stock/bond correlations remain positive, undermining the diversification benefits traditionally associated with a 60/40 portfolio.

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