| Dear Reader, To the surprise of no one, the Fed raised rates by a quarter-point this week. The market took the news in its stride and surged higher, while bond yields declined. The Fed telegraphed this hike so much that it was barely noteworthy. But verdicts on the longer-term future of the Fed, its direction, and its policies are much harder to come to—and it concerns every investor. It was a recurring theme of our recent Virtual Summit, Investing in the Age of Trump. Here’s a sample of what John Mauldin and Jared Dillian’s guests had to say: | Hoisington Investment Management’s Lacy Hunt on the Fed’s risky strategy:
“This is the first time in more than 50 years that the Federal Reserve is tightening when income tax collections at the US Treasury are declining. Those tax collections are weaker than when we entered the last four recessions. That’s a risky strategy.” New Century Advisors’ Com Crocker on Trump and the Fed board vacancies:
“I don’t necessarily think we’re going to see Trump take a hard shift toward monetary hawks. I do expect we’re going to see practitioners. One name that I think makes a lot of sense is Kevin Warsh.” Jefferies’ Brad Bechtel on Trump’s call for a weaker dollar and a hawkish Fed:
“A Fed that moves even the slightest bit toward a more hawkish angle is more dollar positive. A lot of what [President Trump] talks about is extremely dollar positive, so to come out and say ‘we don’t want a strong dollar’… something’s out of sync there.” The Boock Report’s Peter Boockvar on three hikes in 2017:
“It is an economy killer, but it has to happen. There is no way the Fed is going to be able to normalize interest rates without having a recession.” |
And that’s only a brief snapshot. The Virtual Summit features close to 3.5 hours of intriguing commentary from real-world economists and Wall Street traders on the Fed, the economy, volatility, emerging markets, growth, productivity, foreign policy, and much more. If you missed out on watching Investing in the Age of Trump on March 16, don’t worry. For a limited time only, you can get a post-Summit pass and view all the summit sessions immediately. Get “Investing in the Age of Trump” Now You won’t find the kind of information and high-level analysis in Investing in the Age of Trump anywhere else. As John said after interviewing his guests, “I feel like I’ve been drinking information through the firehose here.” You’ll feel like that too—which is why you can watch and rewatch the summit sessions as often as you want, once you have a pass. But you should know that there will be no more passes available after March 31. Get ready for the investment landscape under President Trump—secure your Virtual Summit pass now. | 