Guggenheim Partners global chief investment officer Scott Minerd warned on Tuesd...
FILE PHOTO: Scott Minerd, Chairman of Guggenheim Investments and Global Chief Investment Officer, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 12, 2018. REUTERS/Brendan McDermid/File Photo
Minerd, who oversees more than $240 billion in assets under management, said history shows that once Guggenheim’s Recession Probability Model reaches current levels, “aggressive policy action can delay recession, but not avoid it.” He noted that Federal Reserve Chairman Jerome Powell explicitly cited trade policy as a rationale for cutting rates, which risks the development of a feedback loop between Fed rate cuts and trade war escalation.
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