From The Great Recession Blog
by David Haggith
This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve tried to push back up to that distant high that means new life several times, but each time the market falls into a pit again.
Submitted by Eugen von Bohm-Bawerk via Bawerk.net,
Steen Jakobsen, chief economist and CIO of Saxo Bank, says the US Federal Reserve is on the verge of making a mistake about its projected rate hikes.
Some were concerned earlier today, when SF Fed's John Williams said that he sees about 2-3 rate hikes in 2016, followed by another 3-4 in 2017, suggesting a grand total between 5 and 7 more rate hikes over the next 18 months. However, those fears were promptly dissiptated when as Williams himself admitted during the reporter Q&A, he - like virtually everyone else at the Fed - has no idea what he is talking about. To wit:
When it comes to European stocks, Deutsche Bank has made up its mind: sell in May and don't come back at all this year.