Guggenheim’s Minerd Sees No Fed Pivot, Expects Market ‘Damage’
- Decision to hike 75bps was not easing, to add market stress
- Use of ‘cumulative tightening’ was ‘artful’ use of language
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On the heels of the Federal Reserve announcing another 75-basis-point rate hike, Scott Minerd, global chief investment officer at Guggenheim Investments, said that the move was not a sign that the central bank will slow its campaign to reach price stability.
“I would not call this a pivot today,” Minerd told Bloomberg Television’s Lisa Abramowicz, Tom Keene and Jonathan Ferro. “I think that the slowing of tightening is not an easing.”