Investor Gary Black, the managing partner at the Future Fund LLC, has cautioned about impending “lasting damage to the economy” as consumers and businesses are expected to curtail spending ahead of the upcoming earnings season.
What Happened: Black’s comments, made in response to CNBC’s Scott Wapner, highlight concerns stemming from recent bond market volatility and the proposed tariff increases, despite a temporary 90-day pause announced by the Trump administration.
Black drew parallels between the current bond market chaos and the initial stages of the 2020 pandemic, emphasizing the significant tightening of financial conditions resulting from the tariff proposals.
While acknowledging the administration’s temporary reversal and setting a 10% tariff cap for most trading partners, excluding China, Black believes the uncertainty has already triggered a pullback in economic activity.
“CEOs are about to tell us as earnings begin there is now likely lasting damage to the economy (C+I+G+X-M) as consumers and businesses cut …Full story available on Benzinga.com
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