'Big Short' investor Michael Burry says Jerome Powell should butt out and let markets set asset prices
"Powell should have just said 'I don't know,'" the investor of"The Big Short" fameon Saturday. He was likely referring to the Fed chair's comments to reporters after the US central bank's policy meeting last week.
Burry's view appears to be that the Fed's running commentary and policies are distorting financial markets. The Scion Asset Management boss seems to want Powell and his colleagues to butt out for a while, allowing investors to determine the correct prices for various assets.The Fed cut interest rates to zero and ramped up its bond buying during the pandemic. Its goal was to shore up the economy against sweeping lockdowns, business closures, and supply chain disruptions.
Powell has also been providing frequent updates on the Fed's view of the economy, and the actions it expects to take. For example, hethat more hikes may be needed to slow inflation from around 6% to the Fed's target of 2%.
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