Scott Minerd Says Markets at ‘Moment of Truth’ After Emergency Fed Cut

Guggenheim’s investment chief warns stocks may fall 15%

by Vildana Hajric and John Gittelsohn

The worst week since the financial crisis, then the best rally in a year. Stocks have turned volatile and the Federal Reserve just cut rates to steady things. Will it work?

Scott Minerd doesn’t think so.

“While I believe this rate cut is a necessary act, I doubt it is sufficient to bail out the market. Now is the moment of truth,” Minerd, who oversees about $215 billion for Guggenheim Investments, said in an email. “We will now see how potent monetary policy is at addressing this crisis.”

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