Jim Welsh on US Debt, Valuations, and Secular Bear Market Outlook

November 25, 2022 – Coming up in today’s program, Financial Sense Newshour host Jim Puplava and Jim Welsh at Macro Tides discuss the short- and long-term outlook for global markets when you consider the most powerful macro trends operating in the world today.

For charts related to today's discussion, see FSN Macro Tide charts (pdf)

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Market wrap: US markets saw a decent rally for the first few days of trading this week and then largely traded flat on Friday as investors digested not just their Thanksgiving meals for the Thursday holiday but also this week's two largest events: the Fed minutes and China’s renewed lockdowns. Minutes from the last Fed meeting showed that participants are more in favor of slowing the pace of tightening and it is now widely expected that the Fed will raise rates by 50 basis points (or half a percent) instead of 75 at their next meeting in just a few weeks. Real-time measures as well show inflation is continuing to decelerate across nearly every spending category. The one exception to that however is utility prices as consumers feel the price shock from record high natural gas, heating oil, and electricity prices. One of the biggest macro events this week that is rattling investors and parts of the market is the surge in Covid cases in the world’s second largest economy, China, which has lead not only to more lockdowns but swelling protests and violence throughout various parts of the country. Over the past month, it appeared as if China was finally going to take steps to move away from their strict zero-covid policy, but with cases now skyrocketing this month to record levels, such hopes proved again to be premature.

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