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A contrarian (?) on CNBC during the noon hour was still arguing that there will be a recession in 2024. His thesis: the Fed is doing a great job controlling inflation. They will not cut rates until they see labor market down to their goal but by that time it will be too late to start cutting rates, which will mean a recession. The analyst feels the labor market numbers are a lagging indicator.
Near the close today, a Schwab spokesperson was as wishy-washy as he could possibly be. It's clear he missed the rally in 2023, and is still skittish, leaning toward a recession. CNBC moderator called him out many, many times. Poor, poor interviewee / analyst. The longer the interview lasted, the worst it got. What a disappointment. Direct question: what will the Fed do this year? What will the market do this year? What is your thesis going forward? Answer: it all depends. We will know next year. LOL. I hope he’s not your broker. LOL.
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