Article originally appeared on www.zerohedge.com.
By Benjamin Picton, Senior strategist at Rabobank
Let Them Eat Flatscreens
Speaking to NBC’s ‘Meet the Press’ on Sunday, US Treasury Secretary Scott Bessent said that US stocks experiencing a correction is “healthy”. Naturally, this statement caused some alarm for many Wall Street types who had been counting on Bessent to be the second Trump administration’s ‘voice of reason’ on economic policy, tempering some of the President’s more hawkish instincts on trade and throwing fresh liquidity bones to financial markets whenever they showed signs of wobbling.
Markets might have been hoping that the first Trump administration’s fixation on the stock market as a barometer of administrative success would carry over into a second term, but it now appears that that is not the case. Trump himself has suggested in euphemistic fashion that the economy will be in for a “little bit of an adjustment” in the months ahead, and Bessent says that the economy …
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