Michael Arone - State Street Global Advisors


Last quote by Michael Arone

Investors are realizing that the fiscal policy agenda is being pushed out farther on the horizon.feedback
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May 10 2017 Trump Presidency
Michael Arone has been quoted 36 times in 22 different articles. On this page, you will find all of Michael Arone’s quotes organized by date and topic. Alongside each quote is a link back to the article where the quote was reported, so you can go back to the source for more context if you need it. Topics that Michael Arone speaks about are June and Fed, for example. Most recently, Michael Arone was quoted in the article Delay seen, again, on Trump growth agenda after Comey sacking saying, “Investors are realizing that the fiscal policy agenda is being pushed out farther on the horizon.”.
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Michael Arone quotes

It's unclear as to what we'll get, when we'll get it, and how much they'll boost growth from a fiscal policy perspective. This dynamic is going to be interesting as it plays out through the balance of the year.feedback

For me the thing is this bull market is a bit of a mystery in that it's the second longest bull market in history.feedback

The bull market could continue for a little while longer.feedback

The administration has seemed to warm to it a bit more. After an initial comment that it was too complicated, we haven't heard much more in terms of tweets, comments talking it down. ... The market has already anticipated some form of border adjustability. Folks that import already manufactured goods, that type of thing, earnings could be impaired.feedback

I do think they will get corporate tax reform.They'll be targeting anywhere from 15 to 20 percent, and I do think repatriation will be a part of it. The big question for markets is going to be the loss of deductions that come along with it. If in fact losing the interest deduction is on the table, that one is important for highly leveraged companies.feedback

I do think the market underestimates that a bit. For 10 years, global central banks have been easing. I think she's going to want to demonstrate the need for the Fed's independence, so I expect comments on that, particularly given it's been called into question by some Republicans and even the president himself. She'll continue to talk up three rate hikes this year, and she'll continue to suggest the Fed remains on track to raise rates gradually.feedback

The GDP confirms what we already knew. The U.S. economy is stuck in this growth range. Investors are wary of taking positions in Europe, but the underlying [data] is improving.feedback

Remember the so-called earnings recession just ended in the third quarter. However, it started after the strength in the dollar at the end of 2014 and early 2015 when the Fed promised to raise rates at a more aggressive pace.feedback

If the Chinese economy is struggling it is a problem for the global economy and you're seeing that reflected in the capital markets, whether it be the strength in the dollar or the volatility in equities.feedback

Government austerity is over, and monetary policy will pass the baton to aggressive fiscal policy.feedback

It will increase the cost of capital, and flush out some riskier assets in the short term. But that is probably the right thing to do.feedback

I think what's interesting is how companies are forecasting the rest of the year – if they're signaling slowdowns or concerns, I think the market will continue to be in this directionless mode. If they're a little more optimistic about the second half, that will be interesting.feedback

I think the Fed will remain on hold. This is just one number. The three-month average remains around 140,000. Net revisions for April and May were down a little bit. Combine that with Brexit and the (U.S.) election, this keeps the Fed on hold. Just (with) some of the broader market uncertainties out there, I think the Fed is going to be reluctant to raise rates in that environment, despite what is a strong June employment number.feedback

If they tell you it's nearly balancing, that'll be a signal that June is on the table.feedback

I don't think this Fed, and Yellen in particular, likes to paint themselves into a corner. The statement will acknowledge that growth in the economy is modest. They haven't seen the flow through to inflation and they'll remain data dependent going forward.feedback

I think what markets are going to be looking to see is if that remains the message or if we're back in this kind of limbo.feedback

The unemployment rate ticked down, wages ticked up a bit. Net-net this is a good report for the economy. Although the top-line number is certainly lower than people we're expecting, we're coming off a couple months of 200,000-plus jobs, so a little mean reversion was expected.feedback

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