NEW YORK -- The most likely 2014 investment scenario? A tapered world with modest equity market returns, according to Ricardo Santamaria, investment strategist for the Mark. T. Curtis Group of Morgan Stanley/Graystone Consulting.
The Federal Reserve Boards policy of gradually slowing, or tapering, its purchases of Treasuries and mortgage securities to keep interest rates low, will also likely lead to a moderate interest rate increase by year-end, said Santamaria, speaking here at IMCAs 2014 Consultants Conference. In addition, Graystone expects stock prices in 2014 to be driven not so much by a bull market as by company-specific earnings and dividends.
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