Fed Easing Likely Can’t Drive Further Multiple Expansion Markets are entering the Fall with valuations stretched relative to history. While the Federal Reserve’s pivot toward rate cuts has helped ease financial conditions, broad multiple expansion is unlikely to be the primary driver of returns, as the S&P 500 already trades at the upper end of its historical range. The market is entering a supportive seasonal patch from now into year-end, but seasonality is not a reliable market driver o...
