Jurrien Timmer’s global macro view – May 15, 2023

Today on the program, Fidelity Director of Global Macro Jurrien Timmer discusses what’s moving the markets and provides his insights on what investors should keep top of mind. The Fed, inflation and when rates could be cut are the main discussion points this week. Jurrien believes the Fed has reached its limit to how far they could tighten their policy. He adds the Fed has probably raised rates for the last time at least for a while and could do with a pause, but even if they’re done raising rates, it doesn’t necessarily mean they will start cutting rates right away. Now it’s just a matter of waiting to see what the repercussions are from a year of aggressive tightening policy.  Jurrien also touches upon earnings. He says no question that the first quarter of earnings season was a good one, as we wait for a recession that refuses to arrive. Jurrien says earning downgrades are less severe, and there’s been an overall uptrend for US earnings. He also comments on where we are in the bull market saying that the secular bull-market is still alive well and most likely in its twilight or final phase.

Recorded on May 15, 2023.

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