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NY Post
New York Post
14 Sep 2023


NextImg:Ken Griffin admits doubts about stock market, economy: ‘I’m a bit anxious’

Billionaire investor Ken Griffin, founder of hedge fund Citadel, said on Thursday that he has some doubts about the continuity of the markets rally and is concerned about the US fiscal situation.

“I’m a bit anxious that this rally can continue,” he said in an interview on CNBC. “I like to believe that this rally has legs. I’m a bit anxious. We’re sort of in the seventh or eighth inning of this rally, but part of it has been the soft landing story.”

“I like to believe that this rally has legs,” Ken Griffin told CNBC. “I’m a bit anxious.”
REUTERS

The S&P 500 stock index is up 16.8% this year, in a rally mainly driven by optimism around artificial intelligence.

Griffin said the Federal Reserve is likely close to the end of the interest rate hiking cycle in its battle to tame inflation. “There’s a small chance of one more increase later this year,” he said.

Traders work on the floor of the New York Stock Exchange

The S&P 500 stock index is up 16.8% this year, in a rally mainly driven by optimism around artificial intelligence.
REUTERS

Still, he said it is unclear when Fed chair Jerome Powell will be able to cut rates because of some ongoing stimulus measures.

“He’s showing up in a fight with both of his hands tied behind his back because DC is just on a different agenda than he is,” Citadel’s founder said. “He’s trying to prudently slow the economy, bring inflation back down and really engineer the whole soft landing.”

Gasoline prices are also a concern to inflation, as prices have risen.

Fed Chair Jerome Powell

Griffin said there’s a small chance the Federal Reserve, chaired by Jerome Powell, will hike rates later this year.
Getty Images

Griffin considered it is unlikely that inflation will come down to the Fed’s 2% target. “It only will be at 2% if the economy is in a real recession.”

Citadel, which invests $61 billion for clients, became the most successful hedge fund of all time last year when it earned $16 billion.