Fed rate cuts are a mistake: Oaktree chairman [MarketWatch]
Bank of America Corporation (BAC)
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Source: MarketWatch
Fed rates cuts are a mistake, says Oaktree’s billionaire co-chairman We’re going to hear from a busy lineup of Federal Reserve officials on Friday, and they may shed more light on why the bank was so divided on this week’s interest rate cut. Our call of the day , from Oaktree Capital’s billionaire co-chairman Howard Marks, also weighs in on the Fed as he says the economy doesn’t really need the rate cuts it’s been doling out. “Our economy is the best performing in the world of major economies. So I’m happy with it and I don’t think I’d be stimulating at this time,” Marks told CNBC in an interview. “Ten years later, do you want to cut rates to extend an economic expansion which is the longest in history? Some question, I question whether that’s a legitimate goal.” The Fed should be controlling inflation and supporting growth to create jobs, but not stopping a recession, he said. Not that he’s worried too much about the latter, citing consumer strength, even as the manufacturing sector
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