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Event Registration - U.S. Equity Outlook 2022: Higher Inflation, Rates, and Taxes? Oh My!
Thursday, December 02, 2021
2:30 PM - 4:00 PM Eastern Standard Time
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U.S. Equity Outlook 2022: Higher Inflation, Rates, and Taxes? Oh My!
U.S. equities have posted a strong performance year-to-date, fueled largely by optimism of a reopening—and rebounding—economy, unprecedented levels of fiscal and monetary stimulus, and the unleashing of pent-up demand from consumers who have long awaited the opportunity to “return to normal.” Not surprisingly, cyclical sectors (which had been hammered during the shutdown of 2020) have led the way this year, with Real Estate, Energy, and Financials outpacing the broader market
In addition, despite dislocations in the global supply chain, many market commentators, as well as the Fed itself, have suggested that certain pockets of inflationary pressure were only “transitory.” Indeed, the Fed, with its flexible approach to targeting inflation, has kept a loose leash on rates, as the perennial undershooting of its 2% inflation target over the past several years has left some room for inflation to “catch up.”
But what if the higher-than-expected inflation is not merely transitory? What if earnings estimates are relying on a temporary pull-forward in demand? Is stagflation—a rarely used term for an industry whose professionals were mostly born during and after the 1970s—on the horizon? And should investors worry about the potential for corporate and capital gains tax hikes next year to boot?
Join us on Thursday, December 2, 2021 as we host François Trahan, Institutional Investor Hall-of-Fame Analyst and founder of Trahan Macro Research, to discuss his outlook for U.S. equities in 2022.
Mr. Trahan will share his insight on the current risk/reward setup for equities, and how the Fed faces a difficult challenge to counteract inflation.
Founder, Trahan Macro Research
François Trahan is an economist by training with a master’s degree in finance and econometrics. He is widely praised for his differentiated insights into the drivers and dynamics of the marketplace and his unique understanding of the business cycle. In 2016, François was inducted into the Institutional Investor All-America Research Team Hall of Fame after placing first in Portfolio Strategy for ten of the past 12 years. He has also ranked for Quantitative Strategy.
François is currenting the founding partner of Trahan Macro Research LLC. Previously he was a Managing Director at UBS where he led the US Portfolio Strategy effort, and prior to that he was a founder and managing partner of Cornerstone Macro. Previously he was Vice Chairman of Wolfe Trahan & Co., Chief Investment Strategist at International Strategy and Investment Group (ISI), and the Chief Investment Strategist for Bear Stearns & Co. Earlier, he worked for Ned Davis Research and the Bank Credit Analyst Research Group.
François received undergraduate and graduate degrees in Economics from the University of Montreal. He is the co-author of “The Era of Uncertainty: Global Investment Strategies for Inflation, Deflation, and the Middle Ground”.
Members | Complimentary
Non Members | Complimentary
Professional Learning Credits
CFA Boston has determined that this event qualifies for 1 PL credit hour under the guidelines of CFA Institute's Professional Learning Program. If you are a CFA Institute member and a CFA Society Boston member, PL credit for your participation in this event will be automatically recorded in your PL tracking tool. Otherwise, you may upload 1 PL credit to your CFA Institute account in the PL tracking tool.
Members can register by logging into their Boston specific account. Non-members and CFA Society Global members must create an account, or log into their Boston specific account, to register for this program. Zoom details will be sent following registration. If you do not receive a confirmation email, please ensure you have completed the entire checkout process.
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