A "hawkish cut" is consensus for Wed FOMC, but this is also a "market clearing" event, hence, December rally still intact.

We still expect the S&P 500 to finish 2025 achieving new all-time highs, reaching 7,000-7,300. But the path seems labored, and in the first days of December, the S&P 500 is flat so far. Multiple catalysts lay ahead with the most meaningful being the December FOMC rate decision this week.

Our 2026 Outlook report will be released on Thursday December 11th. Please keep an eye out for it. All eyes on the FOMC Meeting on Wednesday:- 12/8 Mon 11:00 AM ET: Nov NYFed 1yr Inf Exp 3.2%- ...

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