A Potential Expiration Date
By Lori Calvasina
Published July 1, 2021 | 6 min listen
This week in the podcast, we take a look at the historical playbook around Fed tapering and hiking, and what it means for our US equity market outlook. We’ve moved into the flattening camp on multiples, as Fed rate hikes are historically a headwind for forward P/E’s. While we don’t think these trades are done playing out yet, we think Fed tapering and rate hikes, and the cooling off of economic growth that’s already anticipated for 2023, put a potential expiration date on the rotation into Value, Cyclicals, and Small Caps.
Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
Lori Calvasinamarkets in motion podcastrbc podcastus equity market
