That’s Wharton professor and market bull Jeremy Siegel, reiterating his “neutral” stance on what he sees as a “flat to slightly upward tilting” year ahead. He told CNBC this week he believes the Fed’s plan to raise rates and shrink billions of dollars in Treasury holdings will keep a lid on any upward momentum. Siegel said “3.25% on the 10-year will give stocks a pause in 2018” and that the most investors could realistically hope for is a 10% rally in the market, compared with a 25% surge on the Dow last year. “These gains that people are talking about — 10% to 15% a year this year and maybe next year — I just don’t think they’re going to be realized,” he said. Earnings season has been fairly strong so far, and expectations call for growth of 17.3% for the period, the fastest rate since 2011. Siegel, however, explains that the benefits from this year’s “front loaded” tax-cut will wind down. “Firms are actually going to lose depreciation deductions in future years. So, it’s going to be great in 2018,” he said. “2019 — you’re going to have to have a growing economy to generate earnings gains. It’s not going to be anywhere near as easy as it was this year.”via