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Minerd on Economy

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  • Description

    Guggenheim Partners CIO Scott Minerd weighs in on the jobs numbers and gives his outlook for the Fed.

  • Duration 2:54
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Back -- quarter past the hour but our first guest here on markets now today has been saying.

That the US economy continues to improve that things are getting better here while the rest of the world -- been looking pretty weak.

The question is does he still feel that way after the jobs report this morning Scott -- -- chief investment officer Guggenheim partners joins us from out west -- got.

Well -- you know that you could argue that the the glass is half empty -- the glass is half full.

-- -- on the side of its half full and it's been a pretty good that because even though we are having sub par growth.

The markets have performed very well and it's been a great opportunity to be invested in its stocks were in bonds or gold or whatever.

So I remain fairly constructive and I don't think -- were going to go into recession anytime soon.

Well everything has been up your absolutely right about that today's kind of sideways movement notwithstanding.

Big rallies to multi year highs yesterday for the stock market this story today on jobs is obviously.

Economics but it's also politics Monica will come in and talk more about the politics of the moment but just based on the economy somebody says -- -- Forget about the markets for a second they say.

Really -- -- things really getting better is the economy really improving what's your argument that it is.

Well O'Connell you know did we've added over a 150000.

Jobs per month since march of 2010.

That's -- and that's in the private sector not not including the public sector which is shed jobs.

That's actually -- a more robust growth rate in private sector employment than we had in the prior expansion.

Preceding the crisis.

But you know what's interesting in this is the depth of the crisis was so bad.

Right that were not getting enough job growth rapidly enough to get the unemployment rate down OK so then what.

Happens next and that's where your expertise have come in handy just the Federal Reserve stepped in that seems to be to bet that summer making fans -- here.

And whatever they're gonna do I mean this -- the options are somewhat limited.

But now people -- say the central bank's Federal Reserve and other central banks like we heard in Europe that's where the story will be is that fair.

I think absolutely look -- Jackson Hole.

Doctor Bernanke put us on notice that he is ready to pull the trigger on on what I call infinite quantitative easing.

We've had QE1 we've had QE2 now we're going to have QE infinity.

Which means we're not gonna put a size on it we're just gonna open the floodgates and print money until everything is wonderful again.

And we're at the the break of that and we will probably get that next week the September meeting of the Fed.

May be good for stocks and and forget about interest rates of this -- be able to -- -- -- gonna say step fifth.

-- I think we're gonna say it's awesome for gold.

Gold and -- are definitely the places to be right now fair enough always good to have you on Scott minded from Guggenheim thanks for joining us today.

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