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Podcast: Money Life with Chuck Jaffe
Episode: PineBridge's Kelly: Odds of a hard landing are now 'a coin toss'
Description: Michael Kelly, global head of multi-asset at PineBridge Investments, says that the stock market had priced in a soft landing before the recent, temporary spike in volatility, but that action made investors realize that the potential for a hard landing is on the rise, even with Federal Reserve rate cuts on the way. Either way, Kelly says the long-term trend for the market will be positive, but he cautions that where markets go up during soft landings, investors get punished by hard landings until the bottom is reached, so he suggested caution while watching the Fed try to pull...