Bhanu Baweja, chief strategist at UBS, says equity markets are in a period of consolidation which will “last a little bit longer.” Speaking on Bloomberg Television, Baweja says: “We could be waking up in March with the S&P still at about 6,750 or 6,800. But once you start getting the checks in the mail, once you start getting the fiscal boost, the refunds, we think that probably is going to lead to the broadening trade.”