Federal Reserve Chairman Jerome Powell's assertion this week that the U.S. economy remains strong is facing a stern test from the bond market.
In fact, government fixed income yields are delivering, by one measure, a possible recession indication that hasn't happened since 2007
"Yield curves are responding to what they see, to what I believe is a global economic slowdown," said Peter Boockvar, chief investment officer at the Bleakley Advisory Group."You don't see this kind of move in curves, not just here but everywhere, unless you get one." Powell said the U.S. economy is"in a good place" though it is facing pressure from slowdowns in Europe and China. He and his colleagues collectively lowered their expectations for GDP growth domestically, now seeing just a 2.1 percent gain in GDP for all of 2019 and 1.9 percent in 2020.
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