Wilson Says Fiscal Largesse Put Him Offside On US Stocks

Unexpected fiscal largesse. That's one, but not the only, reason Morgan Stanley's house call on US equities was wrong in 2023. So said the bank's Mike Wilson, who was keen to remind investors that he was on the right side of fiscal dominance with his equity call for the better part of two years. "First, the Fed had to be overly supportive and help to fund the near-record deficits in 2020-21; then it had to react with historically tighter policy once inflation became too elevated," he wrote, g