Billionaire Paul Tudor Jones says to go ‘all in’ on the inflation trade if the Fed stays nonchalant about rising prices

Paul Tudor Jones

Billionaire investor Paul Tudor Jones told CNBC on Monday he’ll bet big on rising inflation if the Fed remains unconcerned about recent economic data showing soaring consumer prices.

The Federal Reserve’s policy meeting this week could be the most important one of Jerome Powell’s career, Jones said, because there’s been so much data that has challenged the Fed’s current stance that inflation is transitory.

The last two consumer price index readings put inflation well ahead of the Fed’s 2% target, the hedge fund manager said.

“If they treat these numbers – which were material events, they were very material – if they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade,” the founder of Tudor Investment Corporation said.

“If they say, ‘We’re on path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold,” he added.

Jones has been bullish on bitcoin as an inflation hedge for over a year. While he has insisted that he’s no bitcoin expert, he sees the cryptocurrency as a portfolio diversifier.

“The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time I don’t know what I want to do with the other 80% until I see what the Fed is going to do,” said Jones.

Economists are anticipating that the central bank will hold its policy stance steady at the conclusion of the two-day meeting and reaffirm the pace of asset purchases. If the Fed were to roll back its accommodative stance, the market could wobble, Jones said.

“If they course correct, if they say, ‘We’ve got incoming data, we’ve accomplished our mission or we’re on the way very rapidly to accomplishing our mission on employment,’ then you’re going to get a taper tantrum,” he added. “You’re going to get a sell-off in fixed income. You’re going to get a correction in stocks. That doesn’t necessarily mean it’s over.”

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Monetary and fiscal policies are leading to ‘significant inflationary danger,’ economist Roger Bootle says

Roger Bootle
  • Economist Roger Bootle says monetary and fiscal policy is leading to “significant inflationary danger.”
  • Bootle said demographic changes, US-China tensions, and costly climate policies will only add to the problem.
  • The Fed and a number of other market commentators have maintained inflation will be “transitory.”
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Monetary and fiscal policies are leading to “significant inflationary danger,” according to Capital Economics chairman Roger Bootle.

In an interview with Bloomberg on Wednesday, Bootle repeated his concerns about inflation and criticized other economists and market commentators for their view that monetary and fiscal policies aren’t important when it comes to rising costs.

“Money supply doesn’t matter. The stance of policy doesn’t matter. You’ve got all these cost reductions, and you’ve got competition. I find all this terribly funny because there’s been globalization in Venezuela, Zimbabwe, Turkey, and all the other countries that have had quite rapid inflation,” Bootle said.

“When it comes to it, it’s the stance of monetary policy, the buildup of these big-money balances in the hands of households. The stance of fiscal policy. The very low-interest rates. I think this is what really makes this a particularly dangerous thing,” he added.

Bootle went on to say that current inflationary pressures are not on the scale of what was seen in the 1970s, but demographic changes and increased costs due to US-China tensions and climate policies will add to inflationary pressures moving forward.

There has been a heated debate among economists, banks, and analysts about inflation recently. Some argue, as the Federal Reserve does, that inflation is only “transitory” and will settle down once supply chain issues resolve themselves.

Others, like Bootle, argue that a rapid increase in the money supply along with dovish Fed policy could lead to sustained rising costs.

Despite the pandemic coming to an end, the Federal Reserve has pledged to maintain accommodative policies, including low-interest rates and aggressive asset purchases, until “substantial further progress” has been made toward employment goals.

After last week’s jobs report showed the US economy added 559,000 nonfarm payrolls in May, market commentators wondered if the Fed might change its tone.

Comments from Cleveland Federal Reserve President Loretta Mester in a CNBC interview on Friday showed the Fed appears to be doubling down on its view that substantial further progress needs to be made before they change policy.

“I view it as a solid employment report…But I would like to see further progress,” Mester said.

Roger Bootle’s new comments come on the back of Deutsche Bank’s recent warning of a global “time bomb” due to rising inflation if the Fed doesn’t act.

“The consequence of delay will be greater disruption of economic and financial activity than would otherwise be the case when the Fed does finally act,” Deutsche’s chief economist, David Folkerts-Landau, and others wrote in a note to clients.

“In turn, this could create a significant recession and set off a chain of financial distress around the world, particularly in emerging markets,” the team added.

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JPMorgan’s quant guru says investors are still sleeping on inflation risk – and reiterates his call to buy stocks pegged to the economic recovery ahead of a possible shock

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  • Inflation is an underappreciated risk, a team led by JPMorgan’s Marko Kolanovic said Monday.
  • The strategists reiterated their call to stay overweight cyclical assets that hinge on the economic recovery.
  • Despite inflation risks, Kolanovic has a bullish outlook on the stock market for the rest of the year.
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Investors are still underestimating the risk of inflation, JPMorgan’s quant-driven chief global markets strategist said.

In a Monday note, a team led by Marko Kolanovic reiterated their recommendation to stay overweight in assets pegged to the economic recovery, and noted that inflation surprises are likely to persist throughout the second half of 2021.

“In our opinion, inflation risks are underappreciated by both economists and markets at the moment,” said the strategists. “At an asset class level, the inflation theme does not only favor an overweight in commodities and equities, but also an underweight in credit.”

They added that value stocks and value-oriented sectors should continue to outperform, while tech stocks may lag if rates rise.

Rising inflation has been a central concern on Wall Street as the economy rebounds out of the pandemic. Last week, BlackRock’s Gargi Chaudhuri said that while she doesn’t expect runaway inflation of the 1970’s, higher inflation is an underpriced risk.

Despite inflation risks, Kolanovic’s team has a bullish outlook on the stock market for the rest of the year.

The strategists cited the ongoing recovery from the pandemic, accommodative monetary stance from global central banks, and still-below average positioning in risky asset classes such as stocks and commodities as reasons for their pro-risk view.

“The next leg higher is likely upon us, following the sideways move in markets and bond yields over the past two months, with cyclicals expected to do better again vs defensives,” they said. “Despite peaking in some activity indicators, the market is likely to get comfortable that growth will remain significantly above trend in 2H, supported by both consumer and capex. Regionally, our strategists expect the outperformance of Eurozone, Japan and EM, while they are underweight US and UK stocks.”

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Global stocks edge higher after Fed officials say inflation will be temporary, while bitcoin tops $40,000

Stock Market Traders

Global stocks rose on Wednesday, after dovish remarks made by Federal Reserve officials helped soothe some of the investor concern about rising inflation.

Futures on the Dow Jones, S&P 500, and Nasdaq rose 0.3%, suggesting a modestly higher start to trading later in the day.

Fed Vice Chair Richard Clarida said on Tuesday it would be possible to discuss scaling back the pace of asset purchases, and that pricing pressure will prove to be “largely transitory.”

He also said macro data is likely to remain volatile, citing the most recent jobs report that “really highlights a fair amount of near-term uncertainty about the labor market.”

San Francisco Fed Bank President Mary Daly told CNBC on Tuesday economic progress looks encouraging, but it isn’t yet time to change policy. “What we’ve seen is some really bright spots, some very encouraging news,” she said. “It gives me hope, and I am bullish for the future. But it’s too early to say that the job is done.”

Bitcoin rose above $40,000, as the cryptocurrency market regained some ground after last week’s broad sell-off. Ethereum’s ether rose 8% to $2,843 and dogecoin rose 2% to 35 cents.

After recording their first weekly advance in five weeks, US tech shares were outperforming again. But UBS doesn’t expect the shift back toward those pricier areas of the market to last, as the environment will continue to favor other sectors.

Read More: Warren Buffett is hoarding $80 billion of cash, cleaning up his stock portfolio, and declining to bash bitcoin. Veteran investor Thomas Russo says why that strategy will ultimately pay off.

“While bouts of Treasury market volatility may occasionally revive pandemic-era mega-cap outperformance, we believe economic reopening and rising inflation remain the most potent near-term drivers for global financial markets,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said. “We think the reflation trade has further to run, favoring sectors such as financials and energy.”

Elsewhere in Europe, the UK government issued some revisions to its own guidance for eight areas in the country where the variant first detected in India is spreading the fastest. People are being encouraged to meet outdoors where possible, rather than indoors. France and Germany are considering imposing tighter restrictions on those travelling to and from Britain.

Investors may be warily awaiting more news on this new variant of COVID-19, and what that might mean for the UK’s plans to ease lockdown conditions, according to Connor Campbell, a financial analyst at SpreadEx.

But European markets took their lead from the US and edged higher. London’s FTSE 100 rose 0.2%, broadly in line with the rest of the region, as the Euro Stoxx 50 rose 0.2%, and Germany’s DAX rose 0.1%.

Asian markets too posted gains after the Fed’s comments on inflation. China’s Shanghai Composite rose 0.3%, Japan’s Nikkei rose 0.3%, and Hong Kong’s Hang Seng rose 0.7%.

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Global stocks climb as Fed officials cool inflation jitters, while bitcoin holds gains after Elon Musk signals support

happy trader

Global stocks rose on Tuesday after Federal Reserve officials downplayed the inflation threat, buoying investors’ hopes that the recent surge in price increases will prove transitory.

Fed Governor Lael Brainard and Atlanta Fed President Raphael Bostic on Monday said that temporary factors associated with the reopening economy are driving the faster rise in prices, rather than anything more lasting.

Futures on the Dow Jones, S&P 500, and Nasdaq rose between 0.2% and 0.5%, suggesting a higher start to trading later in the day.

Bitcoin rebounded after a bad week, rising 15% in its best daily performance in four months to as much as $39,000, after Elon Musk said he met with miners to discuss its environmental impacts. The cryptocurrency was last trading around $38,000 on Tuesday.

Billionaire Ray Dalio’s revelation that he owns some bitcoin and currently prefers it to bonds helped add fresh momentum to the digital-currency trade. Ethereum’s ether rose 17% to $2,670, dogecoin rose 9.5% to 35 cents, and litecoin rose 17% to $187.88.

The situation appears to be improving on the global COVID-19 front as the rate of increase in new cases has decreased by more than a quarter since its peak in late-April, Deutsche Bank strategists said.

Infections in the US have fallen below 30,000 daily cases, their lowest point since last June. India posted its lowest daily rise in infections since April 14 at just over 196,000 cases on Tuesday.

Read More: Peter Smith built Blockchain.com from nothing into a $5 billion business in 10 years. The CEO of the Baillie Gifford-backed startup shares 4 assets he’s following, and why he’s given away crypto to thousands of people.

Asian markets took their lead from the US, with all major indices rising as investors seem to have placed inflation worries on the backburner for now.

The region’s recent surge in COVID-19 cases has stalled its reopening, but that won’t derail it because of policy support and vaccinations gaining pace, according to UBS.

“The buy-everything trade is in full swing in Asia today after Wall Street decided overnight that inflation wasn’t a concern,” said Jeffrey Halley, a senior market analyst at OANDA.

China’s Shanghai Composite rose 2.4%, Japan’s Nikkei rose 0.6%, and Hong Kong’s Hang Seng rose 1.8%.

In Europe, Germany’s stock market showed the biggest gains, partly due to a multibillion-dollar takeover deal combining two of the country’s largest property developers. Vonovia said it agreed to acquire its closest German rival Deutsche Wohnen for about 18 billion euros ($22 billion).

London’s FTSE 100 was about flat, the Euro Stoxx 50 rose 0.5%, and Germany’s DAX added 0.7%.

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Global stocks rise as China’s commodity crackdown eases inflation worries, while bitcoin stabilizes

Traders work on the floor of the New York Stock Exchange (NYSE)

Global stocks rose on Monday as easing inflation worries bolstered markets, and bitcoin rallied from last week’s lows.

Futures on the Dow Jones, S&P 500, and Nasdaq rose 0.5%, suggesting a higher start to trading later in the day.

The Nasdaq posted its first weekly gain in five weeks. Cyclical sectors underperformed their growth counterparts, with banks sliding back as yields fell slightly. The yield on the 10-year Treasury note saw its fifth drop in the last seven weeks to 1.617%.

Bitcoin continued a volatile session after sizeable downswings last week. The digital asset rose back above $40,000 on Friday, traded as low as $31,133 on Sunday afternoon, and recovered to around $36,700 on Monday. Ethereum’s ether, Litecoin, and Ripple’s XRP saw similar movements over the weekend.

The largest cryptocurrency by market cap is on track for its worst monthly performance in almost a decade, having lost over 37% since its April high, Deutsche Bank strategists said.

Some central bank rate decisions are expected this week including from New Zealand, South Korea, and Indonesia. Deutsche Bank economists expect the latter two to keep their policy rates steady, while markets will be eyeing forecast revisions for clues to their policy bias.

China’s economic planning agency said on Monday that it would escalate efforts to curb soaring commodity prices to crack down on monopolies within the market. Prices of iron ore, the ingredient used in steelmaking, fell sharply with the main futures contract sliding 7% to $163 a tonne on China’s Dalian exchange.

An iron ore core sample is handled at a prospective mine near Port Hedland, Australia, May 26, 2008. REUTERS/Tim Wimborne"
An iron ore core sample.

Given that China is a large net importer of ores, there is a limit to what they will be able to achieve in the medium to long term, according to Jeffrey Halley, a senior market analyst at OANDA. “However, in the short-term, their rumblings seem to be having the desired effect,” he said.

China’s Shanghai Composite rose 0.3%, Japan’s Nikkei rose 0.2%, and Hong Kong’s Hang Seng rose 0.04%.

Elsewhere in Europe, EU leaders will be meeting in Brussels over Monday and Tuesday for a special summit to discuss matters including the COVID-19 response, relations with Russia and the UK, and climate change.

“A crackdown on commodity prices in China allowed the European markets to creep higher on Monday,” said Connor Campbell, a financial analyst at SpreadEx. Tackling the “speculators and hoarders” that have so aggressively driven up the price of raw materials, China warned it would show zero tolerance towards the “excessive speculation” of recent months, he said.

London’s FTSE 100 rose 0.3%. Germany and France have a public holiday.

Read More: GOLDMAN SACHS: Buy these 15 stocks with ‘clear, unique’ catalysts that set them up to crush the market in the post-pandemic era

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Inflation could spike to 20% in the next few years as the US money supply explodes, says Wharton professor Jeremy Siegel

Jeremy Siegel Wharton CNBC
  • Jeremy Siegel said inflation could spike to 20% in the next few years in an interview with CNBC on Friday.
  • The Wharton Professor called Fed chair Jerome Powell the “most dovish chairman” he’s ever seen.
  • “I’m predicting here that over the next two, three years we could easily have 20% inflation,” Siegel said.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Wharton professor Jeremy Siegel said inflation could spike to 20% in the next two or three years due to “unprecedented” fiscal and monetary stimulus and an explosion of the US money supply.

“I’m predicting here that over the next two, three years, we could easily have 20% inflation with this increase in the money supply,” Siegel said in a recent interview with CNBC.

Siegel went on to criticize Fed chair Jerome Powell for not acting to quell inflation in the near term.

The Wharton professor called Powell the “most dovish chairman” that he’s ever seen and said that the Fed chair’s stance could “be a problem down the road.”

In the meantime, Siegel said he is bullish on stocks because fiscal and monetary support is going to keep flowing in.

Siegel noted that the total money supply in the US has gone up almost 30% since the start of the year alone.

“That money is not going to disappear. That money is going to find its way into spending and higher prices,” Siegel said.

“The unprecedented monetary expansion, the unprecedented fiscal support, you know, I think excessive, was first going to flow into the financial markets, into the stock market, and then once we’re reopening, and we’re right at that cusp, it was going to explode into inflation,” he added.

To Siegel’s point, from corn to copper, commodity prices are rising across the board, despite a brief reprieve in some key sectors like lumber this week.

The rising cost of raw goods has pushed up home prices by some $36,000 since April of last year, according to data from the National Association of Home Builders.

Consumer goods corporations like Proctor & Gamble have also said they will be forced to raise prices on items like diapers and razors due to rising raw goods costs, per WSJ.

Even before the effects of rising commodity prices hit consumers, Siegel was worrying about inflation, he told CNBC in his Friday interview.

Read more: Bank of America says Wall Street stock pickers remain vulnerable to an inflation shock – and recommends 2 trades for protection as prices rise

The Wharton professor said he’s been “an inflation worrier” for the last year and argued the fed will eventually be forced to step in and stop rising costs from hurting the average American.

“Then the fed is finally going to be forced to say, yeah, I’ve got to stop this, and then there’s going to be a bump in the road,” Siegel added.

Despite his inflation concerns, the Wharton professor concluded that as long as the Fed and the Biden administration are pumping money into financial markets, the stock market will continue its historic rise.

The gap between returns for stocks and fixed income investments continues to push investors towards riskier outlets in the equity markets, according to Siegel.

The Wharton professor also said that investors will end up moving to dividend stocks in search of returns if inflation does hit as he expects, while investment alternatives like bonds and treasuries will continue to lag in terms of performance.

“The history is that stocks more than compensate for inflation and there’s a lot of dividend-paying stocks offering 2%, 3%, 4%, 5%, so why would you go fixed income? The gap is huge. And that’s what I think is going to continue to drive the money into the market despite the fears, that will be realized, that the fed will tighten in the future,” Siegel concluded.

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Inflation fears are stoking volatility in stocks but they’re unlikely to derail the market rally, says UBS

NYSE traders
  • A jump in US inflation will stoke bouts of volatility in the stock market but it’s not likely to stop the overall rally, says UBS.
  • Consumer price inflation for April soared by more than expected, to a rate of 4.2%.
  • “We think that the reflation trade has further to run, UBS said Thursday.
  • See more stories on Insider’s business page.

US inflation rates are flying up and worries about an acceleration in prices ranging from airline tickets to energy have knocked stocks off their record highs, but those fears are unlikely to derail the overall rally in equities, wealth manager UBS said Thursday.

The “latest volatility does not come as a surprise. But we also don’t see it as signaling an end to the bull market,” Mark Haefele, chief investment officer of global wealth management at UBS, wrote to clients.

The arrival of April’s Consumer Price Index confirmed months of caution from economists who said stronger inflation was on the way, a reflection of ongoing economic recovery from the COVID-19 pandemic. The higher-than-expected headline and core inflation readings drove stocks sharply lower Wednesday.

Market pricing of the inflation outlook also stepped higher, said UBS, noting the US 10-year breakeven rate moved to imply an average inflation rate of 2.56%, close to the highest level since 2013 and up from 2% when 2021 got underway.

The CPI data triggered Wednesday’s selloff in stocks that left the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average each down by at least 2%, with the Dow industrials tumbling 682 points.

“The latest rise in inflation, in our view, reflects year-over-year comparisons, which will fade,” he said. “While raw material prices may climb further, we believe the bulk of the rise in commodity prices is now over. In addition, labor supply headwinds should ease in the next few months once schools fully reopen, vaccinations continue to rise, and supplemental unemployment benefits expire.”

The CPI jumped to 4.2% from a year earlier, the largest increase since 2008, and core inflation, which strips out volatile energy and food prices, surged 0.9%, the largest one-month climb since 1982.

The UBS wealth management chief said it was important to note that major central banks have indicated they will not tighten policy in response to a temporary increase in prices. He outpointed that Federal Reserve Governor Lael Brainard said Tuesday the Fed will be “patient” as an inflation surge looks transitory.

“As inflation uncertainty persists, and as economic reopening remains on track, we think that the reflation trade has further to run. Our preferences include small-caps, financials, energy stocks, commodities, and emerging markets,” said Haefele.

Investors on Thursday appeared to set aside inflation worries, with Wall Street’s key stock indexes riding up roughly 1% each after weekly jobless claims hit another pandemic-era low.

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Dow plummets 682 points on fears overheating inflation will stifle the economic recovery

NYSE Trader
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.

US stocks tumbled into the close with the Dow dropping nearly 700 points as investors feared overheating inflation will stifle the nation’s economic recovery. Key inflation data came in significantly higher than expected Wednesday morning. The consumer price index increased 4.2% year over year in April and 0.8% from the prior month. Economists were expecting a 3.6% year over year gain and 0.2% gain from March figures.

Core inflation – which leaves out volatile energy and food prices – rose 0.9%. That’s the largest monthly increase for the core index since 1982.

The higher-than-expected figure stoked further concerns that the Federal Reserve is misreading the inflation story. The US central bank has signaled that inflationary pressures will only be transitory.

“The fact is that when we factor in all the monetary and fiscal stimulus that’s been delivered (or shortly will be), the Covid crisis seems likely to be a net inflationary event, at least in the near term,” said BlackRock’s Rick Rieder.

The chief investment officer of global fixed income and head of the BlackRock global allocation investment team added: “The risk of overheating in multiple places across the financial and real asset arenas is becoming more and more of a realistic challenge for future policy, as some have suggested, and without an evolution of what heretofore has been policy reacting to emergency economic conditions, the risk from this will only grow.”

Here’s where US indexes stood at the 4:00 p.m. ET close on Wednesday:

Read more: A 29-year-old crypto billionaire who’s perfected digital-currency arbitrage shares 2 tips for investors looking to get started in trading – and explains why ether is unlikely to surpass bitcoin

While there is likely more downside ahead for the stock market as it looks to find support near key technical levels, a bullish backdrop remains for equities, according to Bank of America. The 3% sell-off in the S&P 500 over the past week represents a rotational move into cyclical stocks and out of growth stocks rather than a top formation, the bank said in a Tuesday note.

Fundstrat’s Tom Lee is also bullish. In a Wednesday note he said the recent movements of two market fear signals are setting the stock market up for massive gains ahead.

Ether breached a valuation of $500 billion for the first time on Wednesday as the rally for the second-largest cryptocurrency continues. Ethereum’s digital token hit $4,357 at around 6 a.m. ET, according to data from CoinMarketCap – a 53% jump in just 12 days since the beginning of the month.

West Texas Intermediate crude rose as much as 2%, to $66.63 per barrel. Brent crude, oil’s international benchmark, jumped 1.9%, to $69.90 per barrel, at intraday highs.

Gold fell 0.9% to $1,819 per ounce.

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Cathie Wood sees inflation rising in the near term, but says ‘innovation-based deflation’ will keep rising costs in check in coming years

Cathie Wood

  • Cathie Wood sees inflation, as measured by the Consumer Price Index, rising to 3% or 4% in the coming months.
  • However, according to Wood, inflation is just a temporary state brought about by monetary and fiscal stimulus as well as supply imbalances.
  • “Innovation-based deflation” is set to keep rising costs in check over the long term, the ARK Invest chief says.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cathie Wood sat down for Ark Invest’s monthly mARKet update webinar on Tuesday and said she isn’t concerned about inflation or rising interest rates.

The Ark Invest CEO said she does see inflation, as measured by the Consumer Price Index (CPI), rising to the “3% to 4% range” over the next few months, but argued it won’t last.

Wood also said the Producer Price Index (PPI) will “move to the 6% to 8% range or even higher than that” in the webinar.

Still, despite rising near-term inflation, Wood believes that “innovation-based deflation” will help keep rising costs at bay in the long term.

“The technologies and the innovation around which we have centered all of our research and investing is rife with examples of the deflationary undertones that the global economy is facing… innovation-based deflation is very good deflation. It’s associated with very strong growth,” Wood said.

The Ark Invest chief went on to give multiple examples of how advances in technology act as deflationary forces for the markets.

Wood’s first example was about DNA sequencing and the falling costs associated with innovation in that space.

“For every cumulative doubling of the number of whole human genomes sequenced…costs associated with short-range sequencing go down about 40%. The costs associated with long-range sequencing go down about 20%,” Wood said.

Wood also gave examples of falling costs due to innovation in battery production and robotics, but noted markets aren’t yet feeling the deflationary effects of this innovation because of the relatively low activity of companies in these spaces as of 2021.

“That activity is going to scale exponentially, so these deflationary forces will begin to move the needle in the next three to five years,” Wood said.

Wood went on to explain that current inflationary pressures are a result of monetary and fiscal stimulus combined with supply imbalances brought about by the pandemic.

She said these forces will only affect inflation figures temporarily and that she isn’t worried about a sustained inflationary environment unless there are problems with the US dollar.

Finally, Wood discussed how she believes the bull market has room to run.

The Ark Invest chief said that the “wall of worry” in the markets today is a good sign for market bulls and that rising savings are an example of the “firepower” the consumer has to add to the economy amid the reopening.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

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