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.
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