• Latest
  • Trending
  • All
  • News
  • Lifestyle
Why are billionaires so convinced the US economy will break? thumbnail

Why are billionaires so convinced the US economy will break?

November 5, 2023
Supreme Court tackles Sackler family liability protections in opioid settlement thumbnail

Supreme Court tackles Sackler family liability protections in opioid settlement

December 6, 2023
Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications thumbnail

Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications

December 5, 2023
Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill's Help Again thumbnail

Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill’s Help Again

December 5, 2023
What happens after the Israel-Hamas war ends? Two-state solution faces strong head winds thumbnail

What happens after the Israel-Hamas war ends? Two-state solution faces strong head winds

December 4, 2023
Two meteor showers and a bright Mercury to light up December’s sky thumbnail

Two meteor showers and a bright Mercury to light up December’s sky

December 4, 2023
U.S. Targets Oil and Natural Gas Industry’s Role in Global Warming With New Final Rule thumbnail

U.S. Targets Oil and Natural Gas Industry’s Role in Global Warming With New Final Rule

December 4, 2023
A Small Business Guide to Protecting Customer Data and Information thumbnail

A Small Business Guide to Protecting Customer Data and Information

December 3, 2023
From denial to panic: Democratic despair grows over 2024 polls thumbnail

From denial to panic: Democratic despair grows over 2024 polls

December 1, 2023
Department of Education to investigate Harvard in possible discrimination probe thumbnail

Department of Education to investigate Harvard in possible discrimination probe

December 1, 2023
Poorer areas have seen the bulk of clean energy funds in the Inflation Reduction Act’s wake, Treasury finds thumbnail

Poorer areas have seen the bulk of clean energy funds in the Inflation Reduction Act’s wake, Treasury finds

December 1, 2023
Ex-Binance Chief CZ Must Stay In U.S. After Guilty Plea—For Now thumbnail

Ex-Binance Chief CZ Must Stay In U.S. After Guilty Plea—For Now

November 29, 2023
3 men of Palestinian descent attending holiday gathering shot, injured near University of Vermont thumbnail

3 men of Palestinian descent attending holiday gathering shot, injured near University of Vermont

November 28, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate
Wednesday, December 6, 2023
66 °f
Wellfleet
58 ° Tue
63 ° Wed
68 ° Thu
61 ° Fri
  • Login
  • Register
FREE Cape Cod News
DONATE
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
No Result
View All Result
Free Cape Cod News
No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Photos
  • Videos
Home Business

Why are billionaires so convinced the US economy will break?

FREE Cape Cod News by FREE Cape Cod News
November 5, 2023
in Business, News
Reading Time: 2 mins read
Donate
0
Why are billionaires so convinced the US economy will break? thumbnail
632
SHARES
1.4k
VIEWS
Share on TwitterShare on Facebook

With mixed signals from the US economy, the Federal Reserve is in wait-and-see mode. But America’s billionaires are decidedly more panicked. Do they know something the rest of us don’t?

The latest billionaire to sound a warning is Duquesne Family Office founder Stanley Druckenmiller, who believes something will break the economy and that a recession is imminent.

He told investors at the 2023 Sohn Investment Conference on Oct. 31 that slowing retail sales and the turmoil of US regional banks are some of the driving forces behind his stance. He said he’s watching for unemployment rising above 5% (it notched higher to 3.9% in October from 3.8% in September), corporate profits dropping 20%, and more bankruptcies, which he said would be evidence of a so-called hard landing.

“I am not predicting something worse than 2008,” Druckenmiller said. Yet, to be a good risk manager, “it’s just naive not to be open-minded to something really, really bad happening.”

DoubleLine Capital founder Jeffrey Gundlach has been telling investors to “buckle up” for a recession, and that the Fed’s higher-for-longer interest rates means “we have a massive interest expense problem” that he believes will trigger “the next financial crisis,” an outlook Bridgewater Associates founder Ray Dalio echoed, citing widening government deficits nearing $1.7 trillion. And JPMorgan Chase CEO Jamie Dimon said last week in Riyadh that “this may be the most dangerous time the world has seen in decades.”

Meanwhile, markets are taking Wednesday’s Federal Reserve rate hold decision and notes of “economic resilience” as a hint that the Federal Reserve is done with raising rates. The Dow Jones Industrial Index leaped more than 550 points yesterday (Nov. 2), marking the steepest one-day gains since June, while 10-year Treasury yields are falling under 4.7%.

Jobs data points to a potential boost in the labor supply that can ease the tight employment environment—a signal that the Fed’s efforts to cool the economy and lower inflation may be working. In October, the US economy added 150,000 jobs, a stark contrast to September’s 297,000 downward revised jobs number. The lower number is due primarily to strike activity in manufacturing, the US Bureau of Labor Statistics (BLS) noted. But unemployment remained below 4% for the 21st consecutive month.

US labor productivity growth, measuring the hourly output of a country’s economy, soared 4.7% in the third quarter—the highest since the third quarter of 2020, a

Read More

Tags: businesseconomy

FREE Digital Newspaper Subscription!
Sign up for your free digital subscription. The FREE Cape Cod News

Unsubscribe
FREE Cape Cod News

FREE Cape Cod News

Free Cape Cod News is what's happening in the Cape Cod, U.S and World & what people are talking about right now. Local newspaper. Stay in the know. Subscribe to get notified about our latest news.

Related Posts

Supreme Court tackles Sackler family liability protections in opioid settlement thumbnail
News

Supreme Court tackles Sackler family liability protections in opioid settlement

by FREE Cape Cod News
December 6, 2023
Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications thumbnail
Cryptocurrency News

Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications

by FREE Cape Cod News
December 5, 2023
Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill's Help Again thumbnail
News

Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill’s Help Again

by FREE Cape Cod News
December 5, 2023
What happens after the Israel-Hamas war ends? Two-state solution faces strong head winds thumbnail
News

What happens after the Israel-Hamas war ends? Two-state solution faces strong head winds

by FREE Cape Cod News
December 4, 2023
Load More
Please login to join discussion

Follow Us on Twitter

FREE Cape Cod News - Your source for local Cape Cod news, latest breaking U.S. and World news. Every day, all day. Subscribe for your favorite categories.

  • Trending
  • Comments
  • Latest
Steve Bannon Claims Joe Biden's Son Tried to Recover Hard Drive Amid Russian Interference Concerns thumbnail

Steve Bannon Claims Joe Biden’s Son Tried to Recover Hard Drive Amid Russian Interference Concerns

October 18, 2020
Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill's Help Again thumbnail

Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill’s Help Again

December 5, 2023
Cape Cod Lifeguards - Free Cape Cod News

A day in the life of a Cape Cod lifeguard: Challenges and rewards

June 20, 2023
Supreme Court tackles Sackler family liability protections in opioid settlement thumbnail

Supreme Court tackles Sackler family liability protections in opioid settlement

December 6, 2023
Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications thumbnail

Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications

December 5, 2023
Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill's Help Again thumbnail

Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill’s Help Again

December 5, 2023

FREE Cape Cod News On Twitter

Today’s News

  • Supreme Court tackles Sackler family liability protections in opioid settlement December 6, 2023
  • Cryptocurrency Worth $1.5M Seized From Former Ukrainian Head of State Communications December 5, 2023
  • Biden Invites Kennedy Center Honorees to the White House, Gaffes Ensue, and He Needs Jill’s Help Again December 5, 2023
  • What happens after the Israel-Hamas war ends? Two-state solution faces strong head winds December 4, 2023
  • Two meteor showers and a bright Mercury to light up December’s sky December 4, 2023
FREE Cape Cod News

Copyright © 2023 Free Cape Cod News

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact
  • Donate

Follow Us

No Result
View All Result
  • FREE Cape Cod News
  • Cape Cod News
  • News
    • News
    • Massachusetts
    • Breaking News
    • Cape Cod Weather
    • Storm Watch
    • Environment
  • Politics
    • democrats
    • republicans
  • Business
    • business
    • cryptocurrency
    • economy
    • money
    • Real Estate
    • Tech
  • World
  • Entertainment
  • Lifestyle
  • Photos
    • Orleans
    • Eastham
    • Wellfleet
    • Truro
    • Provincetown
    • Brewster
    • Chatham
  • Videos
  • Login
  • Sign Up

Copyright © 2023 Free Cape Cod News

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist