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Gerald Celente hosted his weekly Trends In the News Youtube segment and spoke about the stock market’s reaction to the Federal Reserve’s announcement that it will raise interest rates 25 basis points.
Celente accurately forecast that gold prices would jump immediately after the announcement and gold was, indeed, up $25 an ounce on Wednesday.
Celente said stocks were up Thursday because the traders on Wall Street believe the Fed will start easing in its effort to contain inflation.
CELENTE: The markets are going up because investors “bet the rates are close to peak levels.”
“It’s not about investors, they’re gamblers. The rest of the economy is going down,” he said.
Celente noted that temporary workers are being let go, and that it usually the canary in the coal mine.
“When temps are fired, that’s your signal that the worst is yet to come,” he said. He noted that in The Panic of 2008, the first sign was temporary workers were fired.
“Yes, the equities will go up, but this economy is going to keep going down. And it’s going to go down big, and it’s going to go down hard.”
Celente has said the COVID-19 lockdowns, stimulus, and sanctions against Russia have done an incalculable amount of damage on the global economy.
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