Market Watch: Why a recession still worries this stock-market veteran, despite the Fed's rate cut
Article by Jonathan Burton in Market Watch
The U.S. Federal Reserve came out swinging on Wednesday when it cut U.S. interest rates by half a percentage point. But whether the central bank’s move is a hit, or a swing and a miss, remains to be seen.
Global stock markets cheered the Fed’s decision. But David Rosenberg is staying in his seat for now. A former chief North American economist at Merrill Lynch and now president of Toronto-based Rosenberg Research, Rosenberg has been a vocal critic of Fed Chair Jerome Powell and the U.S. central bank.
Wednesday’s rate cut is the right move, Rosenberg says — but long overdue.
“The Fed moving 50 basis points was nothing more than an acknowledgement that ......