David Rosenberg, chief economist and strategist with Gluskin Sheff & Associates Inc., usually spends the first Friday of the month poring over U.S. labor-market data. Today, he’s planning a different kind of crunching.
Hedge-fund managers from Stanley Druckenmiller to Fortress Investment Group LLC’s Michael Novogratz and Passport Capital LLC’s John Burbank said U.S. stocks would continue to do well this year even if the Federal Reserve gradually reduces its asset purchases, a move the central bankers resisted today.
Higher oil prices, the threat of a European recession and an uncertain tax policy that may derail the economic recovery have convinced the Federal Reserve to keep interest rates low, according to Gluskin Sheff & Associates Inc.’s David Rosenberg.
The U.S. economy is contracting again, a sign that the recession never really ended, and the unemployment rate will exceed 10 percent, said David Rosenberg , chief economist at Gluskin Sheff & Associates Inc., a wealth management company, in Toronto.