Wells Fargo Lifts Fed Rate Forecast, Cuts S&P 500 Tech to Neutral

Wells Fargo is revising its macro map rather than reacting to a single data point: a higher assumed policy path by end-2027 sits alongside a rotation out of technology and into industrials, and a lower gold target. The signal worth noting is that the bank is treating tighter-for-longer rates as compatible with a broader cyclical tilt, not a defensive one. Whether other sell-side houses follow on the sector call, and whether the trimmed gold target reflects weaker hedging demand or a stronger dollar view, are the open questions.