The former head of a $20 billion portfolio warns stocks will fall at least another 20% as investors become complacent about a recession and the Fed vows to keep rates elevated
, a free financial newsletter with 85,000 subscribers, and used to manage a $20 billion portfolio for the Dutch bank ING.
"It looks to me pretty myopic, because markets are choosing to focus on the green shoots that are there. But they are making the base-case pricing very, very la la land," he said."That's how I would define it at this stage." "You'll have this very weird window where it's very clear that a recession has hit and yet Powell will be just doing risk management, which is, 'I'm not going to cut rates because I want to make sure that inflation is coming down.' That will be a very bad period for markets if you ask me," Peccatiello said.
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