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Were Seeing Something Weve Never Seen Before Michael Pento 2024 Recession
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We're Seeing Something We've Never Seen Before - Michael Pento 2024 Recession • Join this channel to get access to perks: • / @financeflowofficial • With the market now expecting less than two rate cuts this year—perhaps none at all until next year, according to Bank of America—what does that mean for the economy? Money manager Michael Pento of Pento Portfolio Strategies expresses deep concern about the impact on the economy. He fears for the middle class, which he believes is being devastated by these developments. Pento predicts a disinflationary recession in the latter half of 2024, followed by an era of stagflation in early to mid-2025, surpassing anything seen before. • For the past 18 months, the inverted yield curve, a reliable recession signal, has persisted without an economic downturn. However, historical data shows that an inversion in the 2-10 Treasury spread has accurately forecasted every recession since 1955. Additionally, the weakening labor market, a pillar of resilience in the post-pandemic era, further indicates a looming downturn for the U.S. economy. • Pento suggests that the recession has been temporarily delayed by the injection of 2.5 trillion dollars through the Fed's reverse repo facility, which has offset the tightening of monetary policy to some extent. However, he anticipates a second phase of the recession to emerge in the summer. • Bank of America is betting on a soft landing, with its experts saying that the Fed's rate hikes over the last year and a half should ultimately weaken growth and lead to higher unemployment rates but not cause a recession. • The U.S. is grappling with a record 34.5 trillion dollars in debt, triple the eurozone's, and set to hit 134% of GDP by 2029. Elevated deficits and skyrocketing interest payments may evoke fears of imminent fiscal crisis if countermeasures are not adopted. • Fresh inflation data released on Friday reinforced Federal Reserve Chair Jerome Powell's recent message that high-interest rates are likely to persist. The Fed's preferred measure of underlying inflation rose by 0.3% in March and 2.8% from a year earlier, matching the previous month's figures. Additionally, earlier figures from this year were slightly revised upward, according to government data. • Pento criticizes Federal Reserve Chair Jerome Powell's dismissal of inflation concerns, arguing that inflation has consistently exceeded 2% for three years and is accelerating. He questions Powell's strategy of hoping for lower inflation to justify rate cuts, warning of the consequences of further monetary easing amidst high inflation and inflated asset prices. • Share this video with a friend if you found it useful! Consider subscribing to the channel for videos about investing, business, stock market, managing money, building wealth, passive income, and other finance-related content! • • -------------------------------------------------- • • 🎥 We own commercial licenses for all the content used in this video except parts about the topic that have been used under fair use and it was fully edited by us. For any concerns, business inquiries, etc. please contact us via email in the “About” section of the channel. Some links above are affiliate links. Anything displayed on this channel should not be seen as financial advice. Each person has a unique experience, and there is no guarantee of future profitability or success. • #economy #stocks #gold #silver #investment #financialanalysis #stockmarket #michaelpento
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