Thunderhawk: Backdoc Alert
Forget the Great Recession-Welcome to the 'Great Repricing'
David Rosenberg says the negative-rates experiment is failing.
Six and a half years removed from the Great Recession, we're now in the midst of the "Great Repricing."
That's what David Rosenberg, chief economist and strategist for Gluskin Sheff + Associates, dubbed the current market selloff, one that's seen the Standard & Poor's 500-stock index drop more than 11 percent since the new year began. Continued carnage in crude and flows to the yen, commonly considered a safe-haven currency, are signs of a market in which risk appetite is nowhere to be found.
These down markets nevertheless come at a time when the American consumer-the prophesied catalyst of global growth-still appears to be in good shape.