Markets made new highs today and The FarrCast welcomes special guest, Chief Economist from Wells Fargo, Jay Bryson.
We start with an expert trader Steve Weiss. In the short term, markets, Steve says, are about expectations as much as anything. Sentiment turned so sour and the markets lowered expectations so much going into earnings season that the expectations were easy to beat. And so the markets march on. Steve says the underlying fundamentals are ok – and while he’s not wildly bullish, he’s constructive on the rest of the year.
In the second segment, political analyst Dan Mahaffee joins us. The Democratic field just gets larger – and candidates are jockeying for attention, which doesn’t always lead to good policy proposals. The Mueller investigation isn’t leaving the headlines anytime soon, and Dan tells us what the winding path leads to next.
Jay Bryson joins to talk about the broader world economy and he says the economy is doing pretty well right now; sure we downshifted a little from last year, but we didn’t stall. He explains why growing debt is a concern, but not a worry keeping him up at night. He doesn’t foresee a recession in view and explains recessions are caused by one of two things: unexpected events (which by definition you can’t expect) and financial imbalances (think housing 10 years ago, tech 20 years ago, commercial real estate 30 years ago.) Right now, nothing is wildly out of balance. Farr makes the case that Jay Bryson should be the next Fed Governor.
The FarrCast: Wall Street, Washington, and The World!
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