Stocks At Record Highs Reflect Market Confidence In President Obama, GOP Sequester Deal: JPM Economist
With a lot of fear mongering and concerns the economy is stagnating or may even fall into a deeper recession than in 2008, JPMorgan’s Anthony Chan is unusually bullish. He believes stock markets at record highs are a reflection of confidence in Washington, as President Obama and the GOP will probably once again reach a deal. He sees falling unemployment as a Fed-boosted number, yet one that will feed business and consumer confidence. Chan doesn’t fear the sequester, and thinks the economy is moving along relatively well with Bernanke’s help, who ultimately will correctly manage the Fed’s exit.