Prepare for a crash that rivals the Great Recession, warns expert economist Stephanie Pomboy. “The everything bubble has now burst, and that’s going to hit everything, everywhere all at once…This is really like 2007, 2008 all over again,” the Macro Mavens founder told Fox Business, adding that the stock market could fall by 30%. As global banks struggle and the Federal Reserve continues to hike interest rates, gold prices have surged as a result, rising 10% since the collapse of Silicon Valley Bank. “The stars appear to be aligning for gold which could see it break new highs before long,” said senior market analyst Craig Erlam. While experts see gold reaching levels as high as $2,600 per ounce, Wall Street is suffering following the Fed’s latest rate hike of 25 basis points.
Business Insider/Theron Mohamed
Stocks may crash 30% and the US economy could suffer a 2008-style collapse as the ‘everything bubble’ bursts, expert says
Prepare for stocks to crash and the American economy to suffer a sweeping downturn that rivals the Great Recession, Stephanie Pomboy has warned.
“The everything bubble has now burst, and that’s going to hit everything, everywhere all at once,” the Macro Mavens founder told Fox Business on Wednesday. “There’s a lot of ugly stuff coming down the pike.”
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CNBC/Lee Ying Shan
Gold prices could notch an all-time high soon — and stay there
Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there.
“A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” said Tina Teng from financial services company CMC Markets. She expects gold will trade between $2,500 to $2,600 an ounce.
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Yahoo Finance/Brian Sozzi
What Wall Street is saying about the Fed’s last interest rate hike, Powell comments
The Federal Reserve is still playing inflation fighter despite investor focus on a banking crisis that has taken down the likes of Silicon Valley Bank, Signature Bank (SBNY), and Credit Suisse (CS).
The Fed lifted the target range for its benchmark interest rate by 25 basis points on Wednesday, with Chairman Jerome Powell suggesting to reporters that rates could have been hiked by 50 basis points if not for pressures in the banking system.
Powell also took rate cuts off the table for the time being.
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