____ Jobs are much lower than 2019.American households say they feel gloomier about the economy than at any time in more than four decades.
But this is all happening when US consumers are still flush with cash and jobless rates are near historic lows https://t.co/EfK5dm9EUF pic.twitter.com/TBt4lAJL95— Bloomberg (@business) June 15, 2022
‘The economy is going to collapse,’ says Wall Street veteran Novogratz. ‘We are going to go into a really fast recession.’
Veteran investor and bitcoin bull Michael Novogratz doesn’t have a rosy outlook on the economy, as the Fed delivered an unusually aggressive rate increase.
“The economy is going to collapse,” Novogratz told MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways,” he said, in a Wednesday interview before the Federal Reserve decided to undertake its biggest interest-rate hike in nearly three decades.
“Housing is starting to roll over,” he said. “Inventories have exploded.”
“There are layoffs in multiple industries, and the Fed is stuck,” he said, with a position of having to “hike [interest rates] until inflation rolls over.”