NEW YORK ( TheStreet) -- Despite all the market volatility in recent weeks, Wall Street pros are apparently thinking that things will settle down in 2015.
"Our members are telling us that they're expecting a flat year into 2015, so that would suggest this is a temporary bottom and we may have a recovery ahead of us," said Robert Dannhauser, head of capital markets policy at CFA Institute, a global association of investment professionals, in an interview with TheStreet.
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The organization is forecasting a 4.8% rise in the S&P 500 by the end of December 2015. The index is up 6.8% so far this year.
"CFA Institute members say accommodative Fed policies are the most important support for a positive market outlook and they also see the potential for increased job creation and domestic consumption in 2015, so we hope they are right," Dannhauser added.
There are a lot of unknowns, however, what with plunging oil prices and the economic crisis in Russia weighing on the global economy and financial markets. That's why many investment pros are hoping that the Fed will soothe markets when it releases its latest policy statement Wednesday afternoon.
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-- Written by Scott Gamm for TheStreet.