Chintan Kotecha

The return of correlations

Ralf Preusser, Jill Hall, Chintan Kotecha, Jill Carey-Hall, Bruno Brazegna, Paul Sianna

Jill Carey-Hall projects a 12-month S&P 500 target of $7,800 while highlighting risks from worsening liquidity, elevated issuance, and geopolitical tensions despite raised 2026-2027 earnings forecasts. Co-presenters Bruno Brazegna, Chintan Kotecha, and Paul Sianna warn that volatility in the MOVE index and crowded CTA short positions on Treasuries could trigger systemic unwinds if a "growth scare" materializes. The team collectively favors stocks with nominal growth exposure and recommends adding convexity to duration holdings as they anticipate 10-year yields reaching 6% to 6.25%.