Investors should brace for a long, early 2000-style unwind of the stock market, warns John Duffy, founder and CEO of Trending Stocks.
That’s John Duffy, founder and CEO of Trending Stocks, about why he thinks the stock market could be in for a long, early 2000s-style unwind akin to what happened in the wake of the dot-com bust.
Duffy, who launched his investing platform this spring, pointed to similarities between this year’s Nasdaq-led rout in stocks and the implosion that followed the run-up of internet and technology stocks in the mid-1990s. This year’s selloff has been attributed largely to the Federal Reserve’s reversal of easy-money policies to tackle inflation near a 40-year high, but also to concerns that it could go too far and throw the economy into a recession.
The Fed now has begun to pencil in a higher fed-funds rate of 4.5%-4.75% in 2023 to reach its goals. The central bank’s benchmark rate hit about 6.5% in 2000 before it was slash to about 1% in 2003 to help juice the economy.
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