{"id":62904,"date":"2022-06-16T07:28:50","date_gmt":"2022-06-16T12:28:50","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62904"},"modified":"2022-06-16T07:28:50","modified_gmt":"2022-06-16T12:28:50","slug":"the-economy-is-going-to-collapse-says-wall-street-veteran-novogratz-we-are-going-to-go-into-a-really-fast-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62904","title":{"rendered":"\u2018The economy is going to collapse,\u2019 says Wall Street veteran Novogratz. \u2018We are going to go into a really fast recession.\u2019"},"content":{"rendered":"
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\u2018The economy is going to collapse,\u2019 says Wall Street veteran Novogratz. \u2018We are going to go into a really fast recession.\u2019<\/a><\/h3>\n

Veteran investor and bitcoin bull Michael Novogratz\u2019s economic outlook is not rosy<\/strong><\/p>\n<\/div>\n

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Michael Novogratz, founder and chief executive officer of Galaxy Digital Capital Management LP, spoke with MarketWatch on Wednesday ahead of a historically aggressive Fed rate hike.<\/h4>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Veteran investor and bitcoin bull Michael Novogratz doesn\u2019t have a rosy outlook on the economy, which he described as headed for a substantial downturn, with the likelihood of a \u201cfast recession\u201d on the horizon.<\/p>\n

\u201cThe economy is going to collapse,\u201d Novogratz told MarketWatch. \u201cWe are going to go into a really fast\u00a0recession, and you can see that in lots of ways,\u201d he said, in a Wednesday interview before the Federal Reserve decided to undertake\u00a0its biggest interest-rate hike in nearly three decades<\/a>.<\/p>\n

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\u201cHousing is starting to roll over,\u201d he said. \u201cInventories have exploded.\u201d<\/p>\n

\u201cThere are layoffs in multiple industries, and the Fed is stuck,\u201d he said, with a position of having to \u201chike [interest rates] until inflation\u00a0rolls over.\u201d<\/p>\n

Central-bank policy makers agreed to deliver an unusual 0.75-percentage-point rate increase<\/a>, concluding a closely watched two-day policy meeting with a move that would push the Fed\u2019s benchmark federal-funds rate rising to a range between 1.5% and 1.75% as it steps up the effort to quell an inflation rate that is hovering around a 40-year high.<\/p>\n

It was the largest increase in the central bank\u2019s policy rate since November 1994.<\/p>\n

Before the Fed announced its decision, Novogratz speculated \u2014 accurately, it turned out \u2014 that the central bank would lift interest rates by 75 basis points and that the market would rally on that news. He also predicted that stocks will sell off in the coming days.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u2018The economy is going to collapse,\u2019 says Wall Street veteran Novogratz. \u2018We are going to go into a really fast recession.\u2019 Veteran investor and bitcoin bull Michael Novogratz\u2019s economic outlook is not rosy Michael Novogratz, founder and chief executive officer of Galaxy Digital Capital Management LP, spoke with MarketWatch on Wednesday ahead of a historically […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1849,32972,500,5220,30014,1264],"class_list":["post-62904","post","type-post","status-publish","format-standard","hentry","category-economics","tag-financial-markets","tag-mark-decambre","tag-market-collapse","tag-marketwatch","tag-michael-novogratz","tag-recession"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62904"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62904\/revisions"}],"predecessor-version":[{"id":62905,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62904\/revisions\/62905"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}