Morgan Stanley Reworks Fed Forecast; Novo Nordisk’s Wegovy Faces Potential Rivals
In a strategic move, Morgan Stanley’s Chief US economists have recalibrated their Fed forecast, seizing upon Chair Powell’s recent remarks during congressional testimony.
The investment firm’s updated projection now includes a 25-basis-point rate hike, envisioning the Fed funds rate reaching 5.375% by the close of 2023 and 4.375% by the conclusion of 2024. Morgan Stanley maintains its belief in a smooth landing strategy, anticipating any potential rate cuts to be postponed until the following year.
“We now think the Fed will hike in July- our data forecasts have not changed, but our perception of the Fed’s reaction function now points to a significantly lower bar to hike. In other words, we would need very weak data prints to convince the FOMC that its forecasts are wrong by the July meeting,” they added.
Walgreens, Lordstown fell premarket; Delta Air Lines, Snowflake rise
Investing.com?— Stocks in focus in?premarket?trade on Tuesday, June 27th.
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Expectations are soaring in the weight loss drug industry as new data reveals promising contenders that could rival Novo Nordisk’s Wegovy, leading to increased competition and potentially lower prices in the estimated $100 billion marketplace.
Doctors and pharmaceutical executives are witnessing a surge of innovation, with drugmakers investing in research for pill-based formulations, enhanced weight loss capabilities, and innovative fat-reducing drugs that preserve muscle mass. The American Diabetes Association’s Chief Science Officer, Dr. Robert Gabbay, lauds this wave of progress, anticipating improved accessibility and market competition with the introduction of multiple treatments.
Stock Analysis
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