Keith McCullough minced no words about growing rate cut expectations in this clip from The Macro Show today. 

“I’ll say it as many ways as I can—the Federal Reserve is unlikely to cut interest rates anytime soon, unless we aren’t bearish enough on the recession, and it’s way worse than even Hedgeye thinks,” McCullough explains.

“A recession is not a catalyst to buy stocks. We have plenty of stocks we’re long. There are plenty of things I need to risk manage now that everybody feels like a winner after November 2023, just like they did after November 2007 and November 2021,” he adds. 

In today’s Early Look, McCullough noted that bond yields are already going up, a trend he expects to continue, especially if next week’s November jobs report is an improvement from October’s. 

Watch the full clip above. 

 McCullough: If Fed Cuts Rates, Prepare for the Worst - TMS Banner