RiskReversal Pod
Stock Market Rally on Shaky Ground with David Rosenberg
Nov 3, 2023
Economist David Rosenberg joins 'On The Tape' to discuss the stock market rally within a bear market, the attractiveness of the bond market, potential for a recession, positioning in the bond market, cracks in the housing market, and the stock to bond ratio.
01:01:31
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Quick takeaways
- The stock market rally is temporary relief due to the Federal Reserve's pause on raising interest rates, but the market is still vulnerable.
- The economy is showing signs of instability, with the risk of a looming recession due to the limitations of fiscal stimulus measures.
Deep dives
Market Reaction to Fed Pause
The stock market rallied in response to the Federal Reserve's decision to pause on raising interest rates. However, it is important to note that this is a temporary relief rally as the market is still vulnerable due to weak market breadth and high valuations. The market is likely to face sell-offs rather than sustained rallies until a more normal shape is established in the yield curve and the equity risk premium reverts to a more typical level.
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