PentoPortfolioStrategies/Michael Pento/9-6-2022
“People tend to hear what they want to hear and believe what they need to believe. In no place is this more true than on Wall Street. The Fed has made abundantly clear that it will tighten monetary policy until inflation is virtually vanquished. And yet, those who have no choice but to be nearly fully invested at all times have completely ignored this fact and were left trying to convince the investing public not to believe their own ears. That was a huge mistake going into the start of this year, and that is even more true today. The entire FOMC is promising that rates are going to increase to about 4% by early 2023, but the cheerleaders still say they are bluffing.”
USAGOLD note: Pento takes Wall Street’s stock market perma-bulls to task in this analysis as having their head in the sand. He says we are “heading in the exact opposite direction.”
