Scott Minerd sees the stock market decline continuing throughout the summer.
The stock market still has much further to fall and is unlikely to find its footing again until the Federal Reserve stops tightening policy, according to Guggenheim global chief investment officer Scott Minerd. Minerd, who has previously predicted a " summer of pain " for the market, said on CNBC's " Squawk Box " that he expects stocks to be an afterthought for the central bank while it focuses on inflation.
On Friday, the S & P 500 briefly traded more than 20% below its all-time high before closing 19% off the mark. Minerd compared the Fed's rate hikes and the economy as vehicles driving toward each other at different speeds, and said Guggenheim believes the Fed will soon enter restrictive policy territory. "I think they're going to just overdo it," he said of the central bank.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What Johnny Depp’s co-stars have said about working with him on setHere’s what Orlando Bloom, Keira Knightley, Penélope Cruz and more co-stars had to say.
Read more »
Student Loan Interest Rates Will Increase Soon — Here’s What It Means For BorrowersStudent loan interest rates are set to rise in the coming months. Here’s what it means for millions of borrowers.
Read more »
Consider This the Ultimate List of Brown Girl-Approved SunscreensMelanin may be magical, but it isn't sun-resistant. Here's how to keep your complexion protected without white cast and ashy tints.
Read more »
Woman praises her pet dog, Eva, for saving her life during mountain lion attackA woman hiking with her dog was attacked by a mountain lion, and says that if it wasn't for her dog, she would have been killed.
Read more »
Woman praises her pet dog, Eva, for saving her life during mountain lion attackA woman hiking with her dog was attacked by a mountain lion, and says that if it wasn't for her dog, she would have been killed.
Read more »