Why Jefferies' David Zervos is still 'strongly bullish'

Group 1 - The article discusses the bullish outlook on the stock market despite Fed Chair Jerome Powell's comments on high valuations, suggesting that different perspectives on valuation exist [2][3] - The positive earnings outlook and favorable investment horizon are attributed to recent policy changes, including deregulation and tariffs, which may not be fully accounted for by Fed models [3] - Concerns are raised about the restrictive nature of current monetary policy, indicating that further adjustments are necessary to support interest rate-sensitive sectors and the labor market [4] Group 2 - The upcoming meetings of the Federal Reserve will involve new members who may adopt a supply-side perspective, differing from the previous groupthink that has characterized the Fed [7] - The potential for a shift in monetary policy is highlighted, with a focus on the need for a more balanced approach rather than purely risk management techniques [5][6]