[UBS: Upcoming Fed Rate Cuts May Boost Stock Market] Jin10 Data, December 11 – UBS pointed out that historically, the stock market performs best when the Federal Reserve cuts rates during non-recession periods. Based on data since 1970, when the economy is not in a recession and the Fed cuts rates, the average annualized return of the S&P 500 Index is 15%. UBS stated: 'We believe the macro environment is likely to remain most favorable in early next year, supporting the next round of stock market gains amid strong corporate earnings.'