Jeff Weniger and Kevin Nicholson discuss the Fed’s path in 2026. Kevin thinks the Fed will be on hold for “the first couple of meetings” next year because they “need to actually see the data.” His base case for 2026 is 8%-12% growth in the SPX and international growth between 0%-10%. Jeff weighs in on “trepidation” around the Mag 7 and shares some of his theses for next year, including in Japanese equities. However, he’s “not sure” what would “upset the apple cart” just yet.
The Watch List
31 Dec 2025
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