Michael Wursthorn

speaker

1,567 appearances 29 recordings 1 series first heard Jul 2017 last heard Nov 2021

Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.

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Appearances

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WSJ Your Money Briefing · Rate Hike Reassurance, Earnings Unease · 4 Jan 2019 podcast

Chairman Jerome Powell said Friday clearly shows then that the Fed is at least considering maybe following through on that, following through on the market's wishes. voice-verified

But it really remains to be seen. voice-verified

You're going to have to wait for those upcoming meetings and what's said and then the minutes that come out to really get a sense, is the Fed willing to take its foot off the gas? voice-verified

They have been. voice-verified

And that's the thing. voice-verified

I think the Fed is still saying that they're going to be data dependent, but they're willing to take in all these other bits of data. voice-verified

That was sort of the message in December, where we'll take the data also from the market, what the market may be flashing us. voice-verified

what the economy may be flashing us through some of these other measures of, say, sentiment or activity, and willing to take sort of maybe a slightly different approach than what they've been telegraphing. voice-verified

But still, at the end of the day, the market likes certainty. voice-verified

And until they get sort of that certainty, which is very hard for the Federal Reserve to sort of give beyond certainty, voice-verified

sort of their plan for what rate hikes could be. voice-verified

Without that certainty, you're probably going to see more of this volatility with big down days followed by big up days and vice versa for quite a while. voice-verified

Corporate earnings are the engine of the stock market. voice-verified

And right now, investors are trying to acclimate to this rapidly changing environment where 2018, you had 20% earnings growth over the entire year for the entire S&P 500. voice-verified

That's changing. voice-verified

Right now, those estimates are below 10%. voice-verified

They were around 10% for 2019. voice-verified

If you look back in October or September, they keep coming down. voice-verified

Now, we're down a little bit more. voice-verified

We're down between 8% and 7% now. voice-verified

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