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.”