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Jurrien Timmer: The Trade For A 2023 Recession

The Macro Trading Floor

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The Guest of the Week at the Macro Trading Floor

durian timmer is head of global macro at fidelity investments. He says 2022 has been a pretty terrible year for investors. The fed you know pushing rates to unsustainably low Real levels and that pushes valuations in the stock market up through the discounted cash flow model. And so we ended up with a p e of you know 30 which was about six seven points Higher than justified real rates went to minus 200 over the long term.

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