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February 01, 2024 at 02:41 PM
What You Need to Know
- Delaying the first interest rate cut from March to May is no big deal, Brown said.
Ritholtz Wealth Management CEO Josh Brown didn’t appear concerned about the economy or the stock market Wednesday after Federal Reserve Chair Jerome Powell signaled the central bank likely wouldn’t start cutting interest rates in March.
Shortly after DoubleLine Capital CEO Jeffrey Gundlach reiterated his forecast for a recession this year, Brown appeared on CNBC’s “Closing Bell” and cast doubt on that outlook.
From November until the market slide after Powell’s comments Wednesday afternoon, “we had one of the best three-month periods in the history of the stock market. We did plus-19% and quite frankly we’ve done that less than 20 times over the last hundred years,” Brown said.
“The problem for the recession case is that on 16 of those 17 occasions not only did you not have stocks lower but you had no recession and in fact the market was up an average of over 30 (percent) one year later. So I would have to hear the case for why this time would be different,” he added.
