‘No chance we’re having a soft landing’: Stock-market strategist David Rosenberg gives Powell’s Fed no credit — and no mercy
With recession in his forecast, Rosenberg steers investors into bonds and rate-sensitive stocks including utilities, consumer staples and REITs
It’s said that you don’t know an economy is in a recession until it’s in one. Or as David Rosenberg puts it: “Recessions are like an odorless gas. They sneak up on you.”
These days, Rosenberg is looking for fresh air. A former chief North American economist at Merrill Lynch and now president of Toronto-based Rosenberg Research, Rosenberg sees the U.S. Federal Reserve ending its rate hikes soon — but says the economic damage has been done. He expects U.S. businesses and consumers to cut spending, unemployment to rise, and companies and consumers to turn increasingly cautious as the U.S. economy slips into recession.