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HERE COMES THE ECONOMIC PAIN: All-Time Record Highs And All-Time Record Lows
May 10, 2022
People around the world need to get ready because here comes the economic pain with all-time record highs and all-time record lows.
Put Things Into Perspective
May (King World News) – Otavio Costa: Always important to put things into perspective: Nasdaq has already declined almost as much as it did during the March 2020 crash. Back then, the Fed was all about saving the stock market and the economy. Today, it’s all about how much more they are going to hike rates.
LOOK OUT BELOW!
Nasdaq Has Only Declined 27%, Less Than
March 2020 30% Crash When Fed Was All About
Saving Stock Market & Economy. Today
It’s All About Interest Rate Hikes.
Here Comes The Pain
Peter Boockvar: So we are now beginning to see the next step of how an economic slowdown cycle begins. We’ve had the macro shocks of inflation, supply disruptions and war and now we see signs that cost cuts are coming as it won’t just be price increases that will be used for companies to regain their lost profit margins. The CNBC story yesterday on Uber where the CEO told its employees that “We will treat hiring as a privilege and be deliberate about when and where we add headcount. We will be even more hardcore about costs across the board” was particularly noteworthy.
I’ve heard a few others say similar things on earnings calls but assume this is just the beginning in this shift in thought. Also assume that every single VC out there is telling its portfolio companies that it’s time to stop focusing on TAM and anything goes customer acquisition costs and it’s instead time to buckle up and focus on a path to profitability sooner rather than later. This all said, there are still situations where businesses, particularly smaller ones who are having a tougher time competing on the wage front, need more people as seen in last week’s ADP report (and see the NFIB comments below).
The NY Fed released its April monthly consumer expectations survey. One yr inflation expectations fell 3 tenths to 6.3% from March but longer term expectations of 3 years rose 2 tenths to 3.9% with the likely reason being the decline in expectations for the price of gasoline at the pump (even though AAA yesterday said the average gallon of gasoline is at a record high).……More Here
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