Who wants to bet Let’s Go Brandon heads to his beach house in Delaware on Friday?
Veteran investor and bitcoin bull Michael Novogratz doesn’t have a rosy outlook on the economy, which he described as headed for a substantial downturn, with the likelihood of a “fast recession” on the horizon.
“The economy is going to collapse,” Novogratz told MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways,” he said, in a Wednesday interview before the Federal Reserve decided to undertake its biggest interest-rate hike in nearly three decades.
“Housing is starting to roll over,” he said. “Inventories have exploded.”
“There are layoffs in multiple industries, and the Fed is stuck,” he said, with a position of having to “hike [interest rates] until inflation rolls over.”
Hopefully he’s wrong. I certainly do not want even more pain for American consumers just for politics. Unfortunately, it may be baked into the economic conditions, here in the US and so much of the rest of the 1st World. And so many of Biden’s policies are making it worse here in the U.S.
Central-bank policy makers agreed to deliver an unusual 0.75-percentage-point rate increase, concluding a closely watched two-day policy meeting with a move that would push the Fed’s benchmark federal-funds rate rising to a range between 1.5% and 1.75% as it steps up the effort to quell an inflation rate that is hovering around a 40-year high.
It was the largest increase in the central bank’s policy rate since November 1994.
Remember, this was all just transitory
- U.S. mortgage interest rates jump to highest level since 2008
- The housing market ‘correction’ intensifies as layoffs hit Redfin and Compass. This interactive map explains why
- Mortgage rates hit 6.3%—the real cost to buy a house has officially spiked over 50% in just 6 months
- Fed’s biggest rate hike since 1994 means millions more homebuyers may be priced out of the housing market
- U.S. lifeguard shortage continues ahead of the summer
They can’t even fill lifeguard positions. Oh, and that whole housing doom.
