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b'The Peter Schiff Show Podcast - Episode 433
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\\nA Bear Market Correction
\\nU.S. stocks continue their correction by moving higher yet again today. Remember, when you have a bull market, the corrections are down, because you\'re correcting the upward trend by moving backward.\\xa0 In a bear market, it\'s the opposite. You correct a downward trend by retracing upwards.\\xa0 That\'s what we\'re doing now. I think this is the first rally in this bear market, so this rally is, in fact, a correction.
\\nPowell is now "Super Dove"
\\nI think the U.S. stock market is off to its best annual start in about a decade; certainly the NASDAQ is up I think not quite 5% - 4.7% on the year.\\xa0 Of course, what got the correction going was the complete 180 by Powell in that round table discussion, where he basically reversed everything he was saying and became the "Super Dove" when it comes to rate hikes. So the market is now pricing out many rate hikes it had probably priced in and that was the catalyst to really get the market going.
\\nMarkets Have Not Priced in End of Quantitative Tightening
\\nOf course, what hasn\'t been priced in yet are the rate cuts or the end of the quantitative tightening program and the re-launching of quantitative easing.\\xa0 All that is coming. The markets just aren\'t there yet. They just can\'t see beyond where we are now. They\'re looking at this mountain and they don\'t see the valley on the other side.
\\nInterest Rates High Relative to Mountain of Debt
\\nAgain, it\'s not the rate hikes in the future that were going to cause the recession, the rate hikes from the past have already guaranteed a recession, even though interest rates in absolute terms and relative to where they\'ve been historically are still very low, they are not very low considering the enormity of the debt that we now have; that we didn\'t have historically. So when you have this mountain of debt, a historically large amount of debt, you need a historically low rate. Even though the rates we have now are still low, they\'re not as low as they used to be and they\'re not as low as they need to be.\\n\\nOur Sponsors:\\n* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.com/ \\n\\nPrivacy & Opt-Out: https://redcircle.com/privacy'