Inflation and delta risks are contributing to a critical ‘inflection point’ on Wall Street, longtime bull warns
Longtime market bull Phil Orlando is bracing for a rough stretch because Wall Street has reached a critical “inflection point.”
The Federated Hermes chief equity market strategist is blaming the risk dynamic. Not only does Orlando see hotter-than-expected inflation and the Covid-19 delta variant as glaring issues, he’s also worried about uncertainty surrounding monetary and fiscal policy.
“The stock market has done incredibly well. It’s quite literally doubled since the bottom of the pandemic low — March a year ago,” noted Orlando, who warns valuations are frothy.
“We’re less than 100 points away from our full-year objective,” he said. “Our view is that there could be some volatility or some chop as the market sort of consolidates around all of these concerns and issues.”
Thai
Eng