The market may have been enjoying
"We have a good six months, seven months ahead but net-net in 2017 versus 2016 — we're not looking at anything other than really a flat market," the senior global equity strategist at the Wells Fargo Investment Institute said in an interview with "Power Lunch."
His year-end target for the S&P 500 in 2017 is 2,190-2,290, which is the same as his year-end target for 2016.
While he believes the S&P will probably make its highs somewhere around 2,300 or a bit higher around the middle of the year, he said concerns about the pace of Federal Reserve interest rate hikes may begin to weigh on the market.
"I think that what's going to happen in the second half of 2017 is the market is going to see a little more wage pressure … and the market is going to start to worry that the Federal Reserve is potentially behind the curve here and that we're going to see more inflation in 2018, which would cause the Fed to have to try to catch up, so to speak."