The short-term GDP shock that came on the heels of the coronavirus crisis is likely behind us, but we’re set up for a second wave of slow growth that will eventually be a massive drag on equities, Roger Hirst told Real Vision during today’s Daily Briefing.
While the U.S. equity market may be detached from the crisis and divorced from fundamentals right now, we’re seeing material and structural changes like a skyrocketing savings ratio, job losses at the managerial level, and declining 401(k) levels that suggest a slow grind lower may be ahead.
Hirst said