The US stock market has weathered the approach of monetary tightening well and we expect it to continue to do so once the FOMC begins to raise the federal funds rate. Nonetheless, we would be surprised if US equities made further strong gains in 2015. Although the S&P 500 hit another record high on Tuesday, for now we are sticking with our view that the index will end this year at 2,100, which is slightly below its level at the time of writing.
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