It’s about to be a cruel summer for investors, with the market likely to flatline or undergo a correction over the coming months, Wall Street veterans speaking with Business Insider predicted.
Will McGough, the director of investments at Prime Capital Investment Advisors, sees the S&P 500 ending the year basically flat to where it’s currently trading. Stocks are already so expensive, and the Fed has no urgent need to lower interest rates. Rates have hovered between 4%-5% in the past without causing a recession, he noted.
“It’s getting everybody used to how things should be versus the way things have been,” he said of interest rates, suggesting steep rate cuts aren’t in the cards.
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