A reader asks: Sure it’s great the S&P 500 is up 20% this year but aren’t we just pricing in the inevitable Fed rate cuts in 2024? Should we really expect the market to go up again next year after surprising to the upside this year? Color me skeptical. Full disclosure: I’m naturally bearish and take a bit of an anti-Ben stance about the markets. See this is what makes a market! It’s fair for anti-Ben to ask if the current run-up in the stock market is pricing in rate cuts for next year. The stock market is forward looking after all. I love studying historical market returns. Looking at market history is never ... (full story)