Wells Fargo: The Federal Reserve is expected to cut interest rates a total of 3 times this year and raise the target of the S&P 500 index to 4800-5000 points by the end of the year

Sina Financial News Wells Fargo’s securities research department said that in view of the better-than-expected US economic outlook and the expectation that the Federal Reserve will cut Intrerest rates, the S&P will raise its target for the end of this year. Wells Fargo’s latest estimate is that the index will rise to between 4,800 and 5,000 points by the end of this year, compared with the original estimate of 4,600 to 4,800 points. The bank also raised its US economic growth forecast for this year, from 0.7% to 1.3%, and the economic recovery will show a U-shaped rebound, and there will be better growth sometime this year. Wells Fargo expects the Fed to start cutting interest rates in the middle of this year, for a total of three cuts throughout the year, and the federal funds indicator Intrerest Rate fall to the level of 4.5 to 4.75%. In addition, Wells Fargo upgraded its rating on the global energy sector from “neutral rise” to “overweight”, mainly reflecting the expectation that oil prices will be higher by the end of this year than it is now, and downgraded the financial sector from “neutral” to “underweight”, mainly due to the economic slowdown.