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By Staff Reporters
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Guggenheim Partners Chief Investment Officer Scott Minerd said he expects Bitcoin to fall to $8,000 and that cryptocurrency has become a market of “a bunch of yahoos.” Minerd said his firm bought Bitcoin at $20,000 and sold when it reached $40,000. Guggenheim no longer holds any Bitcoin, but recommend short selling it. Bitcoin fell from a high of more than $65,000 in November to trade at less than $29,000.
Tesla stock is down more than 40% this year amid a broad-based sell-off in high growth companies. Analysts warn the car maker’s difficulties in China have become impossible to ignore. Elon Musk’s offer to buy Twitter is also weighing heavily on the stock (NASDAQ: TSLA).
Federal Reserve officials suggested that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high. They believed that the Fed should “expeditiously” raise its key rate to a level at which it neither stimulates nor restrains growth, which was set as a rate of about 2.4%.
The US budget deficit is expected to fall from $2.7 trillion in 2021 to $1 trillion this year, reflecting lower government spending and faster economic growth.
The SEC proposed rule changes that would crack down on misleading claims made by ESG funds and require more transparency from them.
10-Year T-Bond: 2.751%
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Filed under: Alerts Sign-Up, Alternative Investments, Glossary Terms, Investing | Tagged: Bitcoin, budget deficit, elon musk, ESG, FOMC, Guggenheim Partners, inflation, interest rates, Scott Minerd, T-bonds, Tesla, twitter | Leave a comment »
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