Global equities sold off on Friday and U.S. Treasury yields were at multi-month lows on concerns about the economy and downbeat forecasts from Amazon and Intel, which hit richly-valued technology firms.
“This is an old fashioned correction going on and it’s obviously not something that anyone anticipates the moment it starts, or even when it’s going end, but it’s just not that unusual as we passed the economic torch from the perception of growth to the perception of needing government intervention with lower interest rates to stabilize the economy.
“We don’t need a Federal Reserve that is in crisis mode. We’re not in a crisis, just... action needs to be taken... And I think that’s what will happen. It’s exactly how they will calibrate it will be a question. It’s unfortunate that September feels a long way away right now.”“A 50 basis point Fed cut in September is clearly justified as the labor market is now showing clear signs of softening.
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