Here are NYSE legend Art Cashin’s 3 predictions for 2020.
We sat down with Art Cashin, managing director of UBS Financial Services who's patrolled the floor of the New York Stock Exchange for more than 50 years, at Bobby Van's Steakhouse to chat about what's ahead in 2020.Despite a still strong U.S. economy, there will be no Fed rate hikes in the next year.
"I think the Fed is somewhat intimidated by the market. ... And the market, if anything, thinks the Fed is ahead of itself on higher rates.""Eight out of nine times that we've had an up year like we had this year, it's followed by another decent up year. Not quite as strong, but still strong, and so I'll go with history."Stocks may be up, but there will be several periods of volatility, particularly in January, March and July.
"In late January, we'll get to see if there's going to be a Brexit now that [Prime Minister Boris] Johnson got a sweeping move in Parliament. And will he, in fact, push through a no-deal Brexit? That could make the markets very volatile and jumpy. The next thing will be the U.S. election. Number one, in early March, we will get Super Tuesday, and one-third of the U.S. populace will vote. And we'll get to find out where [Democat Mike] Bloomberg's strategy is.
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