BCA: FED HIKES UNLIKELY TO DERAIL S&P 500 BCA Research says the S&P 500 has gained during every full Fed tightening cycle since 1980, with returns ranging from 4.4% to 28.4%. BCA expects just one or two more 25bp hikes, arguing much of the rate shock is already priced in. The firm maintains its 8,100 year-end S&P 500 target, while warning highly leveraged AI plays face greater rate risk.(彭博社)