How should I be positioned? with Steve Chiavarone (Federated Hermes) and Jason Draho (UBS CIO)

Federated Hermes targets S&P 500 at 10,000 by end-2027 on 15% earnings growth and an AI capex supercycle, not multiple expansion.

• S&P targets: Federated Hermes forecasts S&P 500 at 8,500 for 2026 and 10,000 by end of 2027, assuming ~15% earnings growth and a flat 20x forward multiple with no multiple expansion needed.
• Fed read: Chiavarone calls Fed Chair Warsh's hawkish hike 'removing a dose of accommodation,' implying one-to-two more hikes, not a restrictive tightening cycle that would derail growth.

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