PAYNE'S PERSPECTIVE: JUNE 15, 2020: PAGING NICK CAGE

6/15/2020
By Charles Payne CEO & Principal Analyst

The Initial Jobless Claims continue to decline from its peak reported on March 29th, but continuing claims remain stubbornly above 20 million. The news is encouraging, but it underscores the message from the Federal Reserve, which wrapped up the Federal Open Market Committee (FOMC) gathering last week.

Chairman Jerome “Jay” Powell & the Federal Reserve ended the FOMC with economic projections and new plans, but without giving what Wall Street wanted more. The Fed offered economic projections through 2022. While the financial media ran with the story, the numbers were sobering. I have seen direr projections from other larger institutions and Wall Street firms.

Economic Projections	2020	2021	2022
GDP	-6.5%	+5.0%	+3.5%
December	+2.0%	+1.9%	+1.8%
Unemployment	+9.3%	+6.5%	+5.5%
December	+3.5%	+3.6%	+3.7%
Inflation	+0.8%	+1.6%	+1.2%
December	+1.9%	+2.0%	+2.0%

To read the full Payne's Perspective, contact your account representative or email Research@wstreet.com.

Charles Payne
Wall Street Strategies

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