UBS is not looking for the S&P 500 to end up any higher by the end of 2024.

Analysts at the bank say a ‘soft landing’ is their base case for the US economy, including a moderation of economic growth, further falls for the inflation rate, and lower interest rates.

• We expect this to create a supportive backdrop for equity markets.
• However, we think a lot of good news is already priced in at the index level.

UBS are cautious in the near term, expecting some volatility ahead as investors and traders adjust expectations for Federal Reserve policy easing.

Yeah, that’s a solid run. UBS may be onto something with the ‘priced in’ expectation. Especially if the Fed doesn’t cut to the extent the market is expecting.