The National Bureau of Economic Research said this week that the US economy entered a recession in February as the coronavirus struck the nation, ending its longest expansion on record.
RT’s Boom Bust is joined by Todd Horwitz of Bubba Trading to talk about the state of the US economy and what direction it might take.
“Nobody really knows the answer to that,” he points out, adding that there’s more action in the market and people are starting to go to work. “So, again, if the virus stays away and we can continue to open and get the country fully open, then the recession will be over… Overall, we are still very strong.”
Talking about the possibility of market volatility, Horwitz notes that a lot will depend on who wins the US election in November. “I believe if Donald Trump wins the election again, it will be back off to the races and we’ll continue to make new highs because of the way he tries to run the government” and because he is “more business friendly.”
If Joe Biden happens to win the election, that could at some point mean a bear market and a lot of changes “because they’ll go back to restricting the real free market system.”
Either way, before the election the market could test lows again and there could be some spike in volatility, Horwitz says.
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