- Markets: The stock market’s day off yesterday allowed us to take a quick dive into #markethistory to understand when this historic sell-off will end. There’s nothing optimistic to report: Of the 17 times the S&P has dropped more than 15% since 1950, on 11 of those occasions stocks bottomed out only when the Fed began to signal a loosening of monetary policy, according to an analysis by Goldman Sachs. But in the current downturn, the Fed is planning to hike rates into next year.
- Economy: Sometimes all it takes is a simple phone call to ease recession worries. President Biden said that “there’s nothing inevitable about a recession” after dialing up former Treasury Secretary Larry Summers. Biden and Democrats are working on legislation to help bring down inflation, including capping the price of insulin.
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