Taps Coogan – July 12th, 2023

Evercore ISI Chairman Ed Hyman, one of the fathers of modern market research and perennially ranked as one of the top institutional economic advisors in the world, recently spoke with Bloomberg to reiterate his concerns about a recession and his view that further rate hikes are a mistake – even if another hike is highly likely:

 

Ed Hyman:

“At this point the one more (rate hike) is baked in the cake. I think anything from now is a mistake. They’re just creating a deeper recession, or a (higher) likelihood of a recession… The Fed hiked rates in March of 2022 and at that point inflation had already gone crazy and they were still doing the ‘transitory,’ they were still doing QE. I can tell that by the time they cut rates, inflation will be so far down it’ll make them look a little wrong footed again.”

Sounds about right. There is more to the discussion so enjoy it above.