Market watcher Adam Kobeissi says after Monday's global meltdown, volatility is here to stay – and he believes that's a good thing. Stocks began the week with their worst day in years, when a massive sell-off that began in Japan due to a rate hike that disrupted the yen carry trade and reverberated to Europe and the U.S., triggering calls by some for the Federal Reserve to implement an emergency rate cut.
Look, markets are bouncing back and actually we need the opposite of an emergency rate cut, because if you cut rates right now, you are cutting rates more aggressively than what the markets are forecasting already," Kobeissi told FOX Business in an interview Tuesday. He argued that trimming rates in the U.S. would weaken the dollar against the yen even further, and broaden the spread between interest rates in the U.S. and Japan, making the trend even worse.
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