Macro-Stock Permutations For 2024

"With growth remaining subdued, the onus is on accommodative policy, ample liquidity and lower/contained interest rates to keep multiples supported," Morgan Stanley's Mike Wilson wrote Monday. He was referring to the somewhat awkward juxtaposition between rich equities (following a re-rating over the last two months of 2023) and the mediocre outlook for the US economy, which is part and parcel of the soft landing narrative. To be sure, subdued growth in 2024 wouldn't be the worst thing in the