- Tuesday's data release from the Bureau of Labor Statistics suggests an annual inflation rate of 7.1 percent in November, below expectations. Over the past year, the Federal Reserve has been tightening its monetary policy, raising interest rates and selling assets in an effort to control high inflation, which peaked at 9.1 percent in June.
“As of now, it seems like [The Fed] has done the job of getting [inflation] under control," he said."Money supply has gone down a ton. That's really what inflation is, a function of the money supply." “There is a major consensus out there right now that there's a recession coming next year, and therefore the first half of next year in the stock market is going to be very bad," he said."I personally think it's going to be the exact opposite of that, and I think that the time to be long is now."Several analysts have forecast a recession in 2023, but Shapiro said he"can't believe" a recession is coming, based on his observations.
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