US markets set for a year-end rally despite recession concerns: Chris Wood

US markets are set for a year-end rally despite looming concerns of a recession in 2023, believes Christopher Wood, global head of equity strategy at Jefferies. 

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Wall Street-correlated world stock markets, Wood believes, have taken some comfort from a Wall Street Journal (WSJ) article first published last Friday that focused on the potential for Fed tightening to slow after the assumed 75 basis point (bp) hike in the federal funds rate to 3.75 – 4 per cent at the November meeting. This, he said, creates the potential for “another peaking out of inflation” narrative to support markets into year-end, most particularly if the