'Wou want to cut rates because the stock market is going down? I think that’s totally illegitimate,” says Oaktree’s billionaire co-chairman.
We’re going to hear from a busy lineup of Federal Reserve officials on Friday, and they may shed more light on why the bank was so divided on this week’s interest rate cut.
The Fed should be controlling inflation and supporting growth to create jobs, but not stopping a recession, he said. Not that he’s worried too much about the latter, citing consumer strength, even as the manufacturing sector struggles with trade-war angst.It’s also not the Fed’s job to bail out an ailing stock market, says Marks.
The market The Dow DJIA, +0.13% , S&P SPX, +0.01% and Nasdaq COMP, -0.34% are slightly up at the start. Gold GCZ19, +0.21% is up, along with oil CLV19, +1.17%, and the dollar DXY, +0.34%. — Stephen Torsi September 20, 2019 Ahead of a climate-change summit at the United Nations in New York next week, Australian students got a global #climatestrike rolling, marching to “demand an end to the age of fossil fuels.”
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