Yet, as markets eye a soft landing, potential shocks pose a higher risk to investors, David Kelly says.
The firm's chief global strategist says the promise of a soft landing has encouraged Americans to pour into riskier assets at the exact time they shouldn't be.
"I will say that although I think this is positive for the equity market, I am getting increasingly queasy about the fact that the equity market keeps on pricing in a soft landing," Kelly told Business Insider.
He said that as the market prices in a soft landing, valuations rise, which means any shock to the market could send asset prices tumbling.
According to Fed data, the total aggregate wealth of American households grew by about $50 trillion in the last five years.
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