We believe stocks will deliver mid- to highsingle-
digit returns in 2015.
We expect earnings, and not valuations, to do
the heavy lifting in producing potential stock
market gains for investors in 2015.
Monetary policy is in transit in 2015, when
stocks will face a shift from the very loose
monetary policy of the Federal Reserve’s
(Fed) quantitative easing (QE) program to an
environment in which the Fed begins to hike
Valuations for the S&P 500 remain slightly
above long-term ave