MUMBAI—The U.S. Federal Reserve will not back away from “talking tough” on the markets until there is significant progress on inflation, which will perpetuate volatility into mid-2023, UBS Global Wealth Management’s chief investment officer said on Monday.
Mark Haefele told the Reuters Global Markets Forum he saw the S&P 500 ending the year at 3,900 points and around 4,200 by next summer, compared to its current 4,057 level.
Chair Jerome Powell said on Friday the Fed would raise rates as high as needed to restrict growth and keep them there “for some time” to bring down inflation running well above its 2 percent target….