It’s been a stellar year for large-cap U.S. stocks—and that run could carry on in 2025, according to UBS. On Friday, analysts at the Swiss bank laid out the case for “no landing,” which they see as a scenario where the Federal Reserve manages to tame inflation without sparking any drop-off in growth. “The bottom line is that the improved U.S. macroeconomic outlook increases our degree of certainty about our positive view of equities,” a team of strategists led by Solita Marcelli in a research note.