Bearish assessment of the market from Guggenheim's chief investment officer Scott Minerd

If you want negative comments about the prospects for the markets, Guggenheim's chief investment officer Scott Minerd has some. He says from a interview on Bloomberg television:

  • hard to imagine scenario that you can contain virus threat
  • expect 1/2 to 1% drag on US GDP. Not yet a recession
  • Europe, China are probably already in recession
  • stock market could be down 15 – 20%, would force fed and
  • by credit if spreads reach levels of 2015 energy hit
  • if crisis is US, not enough respirators to fight it
  • Fed may look to cut if yield curve inverts

The odds of 8 Fed cut at the March meeting has risen to near 60% over the last few days. That meeting will take place on March 18.