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Featured ACM Insight and Updates
– Dr. Alan Greenspan: Animal Spirits & Economic Modeling
Unprecedented amounts of fiscal and monetary stimulus have driven stock prices to all-time highs, now sitting near double the lows seen during the depths of the coronavirus-driven panic. However, with the debt ceiling holding back further borrowing by the U.S. Treasury, thousand-dollar stimulus checks and trillion-dollar stimulus packages look to be a thing of the past.
Meanwhile, on the monetary policy front, Chairman Powell’s speech at the Jackson Hole symposium apparently affirmed that the Federal Reserve is preparing to begin tapering its bond purchases as early as the end of this year. Investors are now left to wonder what will drive asset prices in the vacuum left by the end of these enormous catalysts of market returns over the past year and a half. I believe a review of the animal spirits that drive individual investment decisions would be helpful at this time.
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