LIVE MARKETS-Where Stifel's Bannister begs to differ

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WHERE STIFEL'S BANNISTER BEGS TO DIFFER

Looking at a bullish market, Barry Bannister, chief equity strategist over at Stifel, was out with a note on Thursday summarizing where he disagrees with the crowd.

For starters he notes that consensus is expecting "a perfect Fed 'soft landing' and a major easing cycle." But in contrast, he sees Core Real GDP slowing sharply, and perhaps so much so that the Fed may already be "too late."

Consensus also sees inflation as "mostly tariffs and is only transitory, fading in 2026." but his forecast is that "inflation will not slow to a low-2's% rate through 2026 without a recession."

And he says that while consensus sees "a ‘New Economy/New Era’ with Big Tech not that cyclical because of AI" but he argues that "while Big Tech has huge economic profits, it is still cyclical and quite expensive."

(Sinéad Carew)

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