(Steven Ferdman / Contributor)
U.S. stocks continue to hit all-time record highs, and the bull run could continue well into 2020, according to Fox Business host Charles Payne.
“The market is ultimately supposed to be a forward-looking mechanism,” Payne told WIBC host Tony Katz in a Wednesday interview, “and if so, it’s predicting that 2020 is going to be another record year. [In fact], I think 2020 could be the year that we do get that 3{46ff1f14221e6e90aab6104ff16614ca22b12c1f029f774ee196565ca96b3af3} GDP growth, where we see wages grow 4{46ff1f14221e6e90aab6104ff16614ca22b12c1f029f774ee196565ca96b3af3} year over year, and I think the market is where it should be.”
Payne indicated he’s not rattled by continual interest rate cuts and fresh injections of liquidity by the Federal Reserve.
“We’ve had four rate hikes since 2018,” explained Payne. We had a 10-year period that preceded it with zero rate hikes and policy was held at zero percent for a decade. President Trump was elected and the Fed immediately began hiking interest rates in 2017, four more times last year, and they overdid it. The Fed is unwinding the damage they did to the economy last year,” said Payne.
He continued: “Why was the stock market down last year when we had the greatest earnings in the history of humankind? That doesn’t make sense. We’re catching up to where we should have been because the Fed derailed this entire thing, and they’re still behind on the damage that they’ve caused.”
Click below to hear Tony’s full interview with Charles Payne.
