Morgan Stanley Wealth Management's chief investment officer Lisa Shalett wrote in a note Monday, "Our view is that the index will be rangebound for the next three to six months," pointing to head winds from "shifting dynamics," as "inflation expectations are rising, yield curves are steepening, and the U.S. dollar is weakening." A mix of those factors, Morgan Stanley estimates, will cap the S&P 500 at around 3,250 while still keeping the index above the 2,650 range due to the unprecedented monetary and fiscal support.