Goldman Sachs sees the futures market as supportive of its view from the Federal Open Market Committee:
- the futures market and our economists both expect the Fed to raise the funds rate by 25bp in July
- and at least once more later in 2022
Impact on equity:
- Historical median stock valuation experience around the Fed’s first hikes shows stable P / E multiples.
- Specifically, over the 12-month period starting six months before and ending six months after the start of a tightening cycle, the valuation of the S&P 500 has remained remarkably stable on average.
Of a longer piece.
GS targeting the S & P500 at 5100 end 22
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