The strategist does not expect the Fed to cut rates in the first half of next year.
Investors continue to pour billions of dollars into safe havens despite hearing more bullish language from some analysts.
Macroeconomic uncertainty has instead driven investors toward firms able to pay their interest expenses with earnings.
Many analysts are walking back their bullish projections as the market nears the end of the year.
The boomer trade means buy cruise stocks and not fashion retailers.
Stifel strategist Barry Bannister projects a normalized 10-year yield of up to 6% during the mid-2020s.
Stocks are staring at the possibility of another rate hike this year as labor-market resilience persists.
The latest round of bullish forecast changes comes as Wall Street weighs the impact of trader sentiment on markets.
While strategists have largely capitulated on their forecasts for 2023, they aren't quite ready to turn into bulls.
This year's laggards are primed to outperform, the bank's strategists said.
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