Bruce's Commentaries- Market Insights / 11.15
Shapiro – November 2023 Market Insights
"There are two kinds of forecasters: those who don't know, and those who don't know they don't know." -John Kenneth Galbraith Forecast: "FORECAST U.S. RECESSION WITHIN YEAR HITS 100%." -BLOOMBERG OCTOBER 17, 2022 Reality: THIRD QUARTER GDP HITS 4.9% Bloomberg economists Anna Wong and Eliza Winger made that 100% recession forecast one year ago. Whoops! And they still have their jobs. Most economists were also forecasting a recession. Inflation peaked at 9.1% last June. Everyone, including me, was confident that higher interest rates would slow the economy, increase unemployment, and put us into a recession. In 2021, economists believed that inflation was "transitory."