Market veteran Howard Marks says Fed is 'not going back' to ultra-low rates

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That means credit can provide a 'very solid foundation' to an investment portfolio, the Oaktree Capital Management co-founder told CNBC.

When the Federal Reserve starts cutting interest rates, it will not restore them to their post-financial crisis lows, according to veteran investor Howard Marks.

"The U.S. economy is doing quite well, and so it's not clear that it requires stimulus," Marks told CNBC's Frank Holland on Tuesday."One of these days we'll declare victory against inflation, and the Fed will take rates down to something moderate and sustainable. I think that's in the threes." "My thesis is, we're not going back there to rates of zero, or a half, or one. I think that that is unnecessary stimulus, and I don't think permanent stimulus is a good thing," he said.

Howard Marks, Co-Chairman, Oaktree Capital, speaks during the Milken Institute Global Conference on October 19, 2021 in Beverly Hills, California.There are "significant ills" in holding rates too low and creating a "permanent posture of stimulus," he added.published in 2023 that low rates over the 13 years following 2008, skewed the behavior of participants in the economy and markets, calling the period "easy times, fueled by easy money.

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