US stocks might climb for several weeks or months, but they will ultimately suffer a roughly 50% decline, Phillip Toews has warned.
Investors have sent the S&P 500 up 5% and the Nasdaq Composite up 13% this year, largely because they expect the Federal Reserve to shift from hiking interest rates to cutting them later this year. "Ultimately, we're going to have a massive compression event that will influence not only the value of financial assets and risk assets, but it will change GDP growth," he said.
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