Rate Cuts Likely Won't Happen Next Year: Julian Emanuel

The transcript discusses market predictions for the S&P 500, highlighting a potential range of 3000 to 3300 early next year. It examines earnings estimates, noting a divergence between buy-side and sell-side forecasts. The economic outlook suggests a shallow recession or none at all, with GDP tracking positively. The discussion shifts to inflation trends, indicating a peak and potential decline, while the Federal Reserve's strategy is analyzed, with skepticism about rate cuts next year.

What is the buy-side's forecast for the S&P 500 earnings next year?

• 205 to 210

• 3000 to 3300

• 230

• 221 1/2

What is the current state of equities on the S&P?

• Down by 4/10 of 1%

• Up by 4/10 of 1%

• Unchanged

• Up by 1%

What is the key factor for markets and data according to the second section?

• Inflation cresting

• GDP growth

• Timing

• Federal Reserve's actions

What recent trend is observed in inflation according to the final section?

• Inflation is increasing

• Inflation is stable

• Inflation is starting to roll over

• Inflation is unpredictable

What is the market's expectation regarding rate cuts next year?

• Rate cuts have already happened

• Rate cuts are not considered

• Rate cuts are unlikely to happen

• Rate cuts are expected soon