Michael Arone - State Street Global Advisors


Last quote by Michael Arone

It doesn't seem the market can get any direction. As a result, it's two steps forwards, one step back.feedback
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Nov 20 2017
Michael Arone has been quoted 61 times in 37 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 Nasdaq opens higher as Apple rallies on strong earnings saying, “The market recognizes this is the first step in a very long process.”.
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Michael Arone quotes

Aug 10 2017

None is flashing red. Not even yellow.feedback

Aug 10 2017

At a time of sluggish growth in the economy and top line revenue growth, companies have been very adept at managing costs and maintaining margins.feedback

Aug 04 2017

I think it's a natural source for profit-taking, given the fact that stocks have done so well. If there are folks that are kind of concerned or beginning to reduce equity exposure, technology is a natural area to take some profits given the fact it's done so well. It is something to keep an eye on here. In a world, where you have very low interest rates, very low inflation and good but not great growth you need to invest in that part of the market that has very strong topline growth and tech tends to be that sector.feedback

Aug 04 2017 - American politics

Now we're going into the earnings vacuum. What will take center stage will be discussion around the debt ceiling but I still think we have some time, and the obsession around the Republican agenda, tax reform, and if we have any movement on that. D.C., monetary policy will be the main drivers in the absence of earnings.feedback

Aug 04 2017

I wouldn't be surprised if volatility picks up particularly as earnings season winds down.feedback

Aug 04 2017

I expect we'll get bouts of volatility for the balance of the year.feedback

Aug 04 2017

There's a lot to like in the [jobs] report. The top line number is very strong. Private sector jobs are very strong. There were no meaningful job losses. The mystery continues to be with the labor market that we don't see any wage acceleration.feedback

Aug 04 2017

They're stumped. I think they will continue on a path of monetary tightening because they will expect wages will accelerate. I expect them to do more on the balance sheet in September and move on rates later in the year. I think what they're holding onto is this inflation conundrum is temporary.feedback

Aug 04 2017

That's the crux of the challenge. Certainly financial market conditions are just fine and the labor market is demonstrating strength and full employment. It does seem inflation remains the key to the whole thing.feedback

Jul 11 2017

You have this real tug of war between these two camps and it's unclear right now how we're going to come out of that.feedback

Jul 11 2017

For the first time in a very long time, you have a number of central banks directionally tightening their monetary policy. So this is putting upward pressure on interest rates and the U.S. dollar.feedback

Jul 05 2017

No one wants to say the 'b' word – 'bubble'. But I do think that they're concerned that asset prices have gone a little too far too fast, and have been supported by easy monetary policy conditions. So it might be time to curtail some of that.feedback

Jun 29 2017

The main driver in the market right now continues to be this low-growth economic environment as investors search for companies with strong earnings growth. That's why you're seeing these mixed feelings within technology.feedback

Jun 02 2017

Should we see the earnings begin to decline, I do think the market will have trouble. The rest is kind of this noise, the monetary policy, what's going on in DC.feedback

May 10 2017 - Trump Presidency

Investors are realizing that the fiscal policy agenda is being pushed out farther on the horizon.feedback

Apr 28 2017

Most folks were expecting a build in earnings acceleration and that's what we've got. Despite all the economic and geopolitical noise, ultimately the market has been responding to improving earnings.feedback

Apr 07 2017 - Trump Presidency

At least a third of the post-election [stock market] rally was driven by optimism around the Trump agenda, which would include deregulation, lower taxes, fiscal policy and higher infrastructure spending. What's happening now is we're not seeing that follow through at the pace and the size that was anticipated. The shape, the size and the timing of these things is less certain. As a result , some of the optimism that was priced in to stocks is beginning to wane.feedback

Apr 07 2017

The idea that the market has been pricing in better expected growth and better expected results for the economy, this number, although a kind of mixed bag, would indicate it is not as strong as people were anticipating or hoping for.feedback

Mar 22 2017 - Federal Reserve

There's a real policy timing mismatch here. Yellen is moving the ball down the court, while Trump still has failed to put the ball in play.feedback

Mar 22 2017 - Federal Reserve

The different perspectives of Chairwoman Yellen and President Trump further underscore the potential for a future collision, rather than productive collaboration.feedback

Mar 22 2017

I still expect the S&P will get somewhere between 6 to 8 percent return this year.feedback

Mar 22 2017 - Trumpcare

The way I view it is if you're on the Trump train, you're kind of stuck in between stations right now. The idea is he could very well get the votes needed, and that would clear the way for health care reform and then, tax reform comes next. The probability of that happening seem to be lower than they were just a few days ago. It's certainly unnerved the market. I think the Republicans and markets generally overplayed their hands. They had the presidency and both houses of congress so everything was going to be a slam dunk. Obviously that was not going to be the case.feedback

Mar 22 2017

That will result in stock prices declining some more. I do believe that was built into some of the earnings forecasts and economic growth forecasts. That's only if it appears the legislative agenda is at risk.feedback

Mar 22 2017 - Bull market

I think what happened was the bull market was largely based on the idea that monetary policy and fiscal policy would work together to boost economic growth, and I think that's what really pushed up stock prices. What we're finding out is monetary policy is getting tighter and fiscal policy is further down the horizon than we anticipated.feedback

Mar 17 2017

Now it's evolved to a place where asset managers believe ... positive governance attributes are likely to reward shareholders. The trend in the industry is trying to meet the growing demand of these investors.feedback

Mar 16 2017

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

Mar 08 2017 - Bull market

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

Mar 08 2017 - Bull market

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

Feb 14 2017

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

Feb 14 2017

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

Feb 13 2017 - Federal Reserve

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

Jan 27 2017

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

Jan 06 2017

The fantastic thing here is the jump in hourly wages.feedback

Jan 06 2017

One of the ways we've been describing 2017 is 'the new abnormal.feedback

Dec 20 2016

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

Oct 13 2016

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

Sep 23 2016

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

Sep 19 2016 - Federal Reserve

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

Jul 08 2016

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

Jul 08 2016

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

Apr 27 2016

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

Apr 27 2016 - Federal Reserve

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

Apr 27 2016

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

Feb 05 2016 - Unemployment

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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