Pento Portfolio Strategies/Michael Pento/11-3-2022
“The consumer is faltering, and yet Fed Chair Powell told Wall Street at his latest press conference that he is indeed pivoting…but it is to be more hawkish. There is a steep recession just ahead, and there is nothing the Fed can do to stop it. It is not a choice. If Powell were to undergo a genuine dovish pivot back towards ZIRP and QE at this point, it would cause inflation to run intractable.”
USAGOLD note: Pento believes a depression is “a real possibility, and that an equity collapse is still in the cards.”
