UBS: us stock market forecasts for the economic outlook are too optimistic] UBS Global Wealth Management believes that equity investors may be ahead of their bets on the Fed's accelerated rate cut. Mr Heyfeller, chief information officer, said inflation was still well above the Fed's comfort zone, so it was "difficult to justify interest rate cuts in the short term". In a report, the strategist said the labour market was still "too hot" to support a modest shift in Fed policy: "in our view, stock market expectations for the economic outlook are too optimistic."