Call of the Day: 10% stock drop expected as U.S. likely heads for 2020 recession
Investors from here to Hanoi can think of nothing else but the Fed chairman’s appearance on Capitol Hill Wednesday. They want to know this: Does Powell agree with the end-July quarter-point rate cut markets are pricing in, even after last week’s strong jobs data?
“The big question mark is what the data will tell us about growth over the next few months,” Lattuga told MarketWatch in an interview. His darkish view sees the U.S. edging toward a recession in 2020, with “significant” signs of that showing up by year-end. Pressure from global trade developments won’t help either.
The strategist says fixed income is an attractive place to park cash in the coming months, and investors might want to add longer-term bonds given support from monetary policy. But they should take care with higher-yield, and often higher risk bonds, given how they often track equity markets closely, says Lattuga.
The economy Prepared remarks of Powell’s testimony will be released at 8:30 a.m. Eastern, and he’ll appear at 10 a.m. Wholesale inventory data is due around the same time, with an appearance by St. Louis Fed President James Bullard and the minutes of last month’s Fed meeting coming later.
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