Meredith Whitney, who rose to prominence for issuing a warning report ahead of the 2008 global financial crisis, cautioned that the U.S. economy will face a 'day of reckoning' in the fourth quarter as the short-term economic boost from the World Cup and remaining fiscal spending fade; she also dismissed aggressive market expectations that the Federal Reserve could raise interest rates this week.
Shanghai-based Caixin Media, July 29 (Editor: Xiaoxiang) — On Tuesday local time, prominent Wall Street figure Meredith Whitney, known for her prescient warning ahead of the 2008 global financial crisis, cautioned that the U.S. economy will encounter a 'day of reckoning' in the fourth quarter as the temporary economic stimulus from the World Cup and residual fiscal expenditures dissipate. She simultaneously rejected aggressive market expectations of a potential Federal Reserve rate hike this week.
Whitney noted that weekly credit card balance growth—a real-time indicator of consumer health reflecting actual spending rather than revolving debt—has slowed noticeably since May. At the same time, American households are feeling pressure from rising gasoline prices.
Whitney, currently CEO of Meredith Whitney Advisory Group LLC, stated that these two factors would give the Federal Reserve reason to remain patient on Wednesday.
She rejected arguments previously advanced by firms such as Citadel Securities—that an unexpected rate hike this week would bolster the credibility of Federal...
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