The first half of 2012 "will be difficult," both in Europe and in the U.S., Abby Joseph Cohen, Goldman Sachs senior investment strategist, told CNBC Monday. She also expects that U.S. fiscal policy will get tighter. However, "things will start to look better in the second half" of next year, the long-time bull said in her latest forecast.
Stocks will stay undervalued until "confidence is rebuilt," Cohen said. "There's still many problems that need to be resolved. Although we think there is not a global recession in 2012, by many measures there are already several countries in Europe already in recession," she said.
"Whether it's a year from now [or] a few quarters from now, interest rates most likely will be on the way up," Cohen said, so long-term investors, including pension plans, should be focusing on equities and commodities….”
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