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Phil Rosen reports that Wall Street now assigns a 90.3 percent probability to a Federal Reserve rate hike. This is an increase from 59 percent just a week ago.
The Federal Reserve has not raised interest rates since July 2023.
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Phil Rosen recently noted that the Russell 2000 gained 28 percent over five years, with most of those gains concentrated in the past year. He also reported that just 27 companies in the S&P 500 currently trade above 40 times forward P/E, a level last seen during the 2022 and 2020 market downturns, according to recent market data. These updates come as investors track interest rate moves and equity valuations.