UBS expect range-bound US eqty mkts that lack consistent direction until something breaks | Forexlive

A snippet from UBS Global Wealth Management on US equities:

The market outlook is a function of how growth and inflation evolve over the next few quarters.

• Equities are pricing for the downward paths in both variables to be fairly smooth,

But with soft- and hard-landings still both in play, the market narrative will jump around based on incoming data shifting the probabilities between the two scenarios.

• This implies continued range-bound markets that lack consistent direction until something breaks, either positively or negatively