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NEW YORK, Nov 20 (Reuters) - Margaret Patel, senior portfolio manager at Wells Capital Management, said on Thursday that the U.S. stock market should surprise to the upside next year and that the Federal Reserve will not raise rates until potentially 2016.
"Equities will do surprisingly well," Patel said at the Reuters Global Investment Outlook Summit in New York. Patel, who oversees about $1.4 billion at Wells Capital, said the benchmark S&P 500 stock index could notch gains in the mid-single-digit to high teens next year.
Patel also said sluggish wage growth and downward pressure on commodities prices will keep U.S. inflation muted, which will in turn lead the Fed to delay its first rate hike until possibly 2016.
"I don't expect the Fed to do much of anything" next year, she said.
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For more summit stories, see Reporting by Sam Forgione; Editing by Leslie Adler