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Russell Investments' equity market predictions for 2014

FRANK GUNN/THE CANADIAN PRESS

Globe editors have posted this research report with permission of Russell Investments. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

Expectations for 2014:

  • Equities to modestly outperform fixed income and cash
  • U.S. economic growth of 2.9 per cent
  • obs gains that average 230,000 per month
  • Modest inflation of just 1.9 per cent
  • U.S. Federal Reserve (Fed) tapering to begin in the first half, but no rise in the Fed funds rate until late 2015
  • U.S. 10-year treasury yield at 3.2 per cent by year end
  • Single-digit growth in corporate earnings to drive U.S. equity returns. Price/ Earnings (P/E) multiples to remain broadly unchanged.
  • Our target for the U.S. large-cap Russell 1000 Index at year-end 2014 is 1,060, while for the S&P500 Index it is 1,900.

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