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Financial Times/John Hussman/1-25-2022
“The stock market has been jolted from its record highs in recent weeks, as investors who rely on low interest rates to ‘justify’ steep valuations have been confronted with the prospect of tighter monetary policy. This might be a prelude to more turmoil. The US Federal Reserve appears to be walking a tightrope, with the potential for a policy error at each side.”
USAGOLD note: Hussman says the real policy error is that the Fed is no longer systematic, but discretionary instead. As such, market participants can no longer “anticipate” logically what might come next. Hussman is not the first its new approach to monetary policy.
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