Today is the day: will the Federal Reserve raise rates or will it postpone the inevitable?
One contrarian investor believes this is “the wrong time” for the Fed to increase interest rates for the first time in nearly a decade.
Marc Faber, the editor of the Gloom, Boom & Doom Report, told CNBC on Tuesday that if the United States does raise rates then it will hurt the global economy and could help put countries in a recession.
“If they raise rates, in theory, it’s precisely the wrong time,” he told the business news outlet. “The global economy has decelerated very badly, and many countries are already in recession, or going into recession.”
Fed Chair Janet Yellen is expected Wednesday to push up interest rates by around 25 basis points. If a Fed rate hike does happen then it will certainly move away from the global trend of pushing down rates or moving into subzero territory (SEE: Bank of Canada could impose subzero interest rates on Canadian economy).
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