Finally, there’s at least one hedge-fund billionaire on Wall Street who’s relatively optimistic about the outlook for the U.S. economy.
But while Gross expects the recession to be bad enough to pressure the Federal Reserve to consider cutting interest rates, Cohen anticipates that the economy would quickly bounce back, ultimately forcing the central bank to push borrowing costs “higher than people think” while helping stocks to rally between 3% and 5%, according to a report from Bloomberg News.
Some of Cohen’s hedge-fund competitors have recently warned about the deteriorating outlook for the U.S. economy. Pershing Square Asset Management’s Bill Ackman said earlier this month that the economy is slowing faster than the data suggest.Paul Tudor Jones, the hedge-fund manager famous for profiting off the 1987 “Black Monday” crash, said he expects a double-digit selloff in stocks ahead of a coming recession.Commerce Department data released earlier this week showed U.S.
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Source: WSJ - 🏆 98. / 63 Read more »