Mr. Bob Hoye (chartsandmarkets.com) comments on stunning headline news from the Bank of England: "LONGEST RECESSION IN HISTORY."
According to a report from the BBC, "The Bank of England has warned... the UK would face a "very challenging" two-year slump with unemployment nearly doubling by 2025."
05:10 - "It might take 3 years to form a bottom in the bear market (S&P)."
05:20 - The US FOMC hiked the benchmark, overnight-lending rate by 75 basis points on the heels of a similar move.
05:30 - Fed Chairman Powell noted - rates would continue higher at subsequent meetings, but perhaps at a slower pace.
12:58 - "Once the contraction (economic) starts... you get into a world where the Fed... is frustrated."
15:40 - "The feature of a post contraction, gold miners are going up..."
16:15 - "Running a big mine ... requires big energy..."
19:00 - If you'd like to ask Bob Hoye a question - dial our Q&A hotline 24/7, leave a message, 828-554-1203 and send a message - email@example.com
19:55 - Tucker Carlson recently suggested a diesel fuel shortage could plague the US in the next few weeks - resulting in delays in railways, shipping and trucking.
26:12 - "In a post-bubble contraction, there is no hiding place - all sectors will go down."