Only the Fed Can Stop 1999-Like Tech Rally, Wells Fargo’s Harvey Says
- Strategist sees tech theme in place until ‘the economy breaks’
- US economy turning out to be less rate-sensitive than expected
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The powerful rally in technology stocks isn’t going to stop until the Federal Reserve gets more aggressive and breaks the economy, according to Wells Fargo’s Chris Harvey.
The market now resembles the tech boom of 1999 and 2000, which didn’t end until tighter monetary policy had roiled stocks, the head of equity strategy at Wells Fargo Securities said in a Bloomberg TV interview. Harvey was among the few strategists who correctly predicted a post-earnings jump in equities in October last year. However, his call that the S&P 500 could trade as low as 3,410 in 2023 has yet to materialize.