Steve Cohen, President and CEO of Point72, addressing CNBC on April 3, 2024.
CNBC
The billionaire investor Steve Cohen doubled his negative point of view on the American economy due to a backdrop for punitive prices, repression of immigration and reductions in federal expenditure led by the so-called ministry of government efficiency.
The Chairman and CEO of Hedge Fund Point72 said he had become Bearish for the first time for some time after the president Donald TrumpAggressive trade policy has made him invest inflationary pressures and lower consumption expenses. Meanwhile, his difficult position on immigration could mean a forced work supply, he said.
“The prices cannot be positive, okay? I mean, it’s a tax,” Cohen said at the priority summit of the FII in Miami Beach, Florida on Friday. “In addition to that, we have slowed down immigration, which means that the workforce will not develop as quickly as … the last five years and thus.”
The prominent hedge fund investor attempted a blow in the DOGE cost reduction movements led by Elon Musksaying that they could only injure the economy more. Musk said his goal was to Reduce federal expenses by 2 dollars.
“When this money has gone through the economy for many years, and now it will be potentially reduced or stopped in several ways, must be negative for the economy,” said Cohen.
Cohen believes that a decline in the stock market could probably be given the uncertain macroeconomic environment. He sees the growth of the US economy slow down to 1.5% compared to 2.5% in the second half.
“I think we see the diet a little. Cohen said.” I don’t think it will be a disaster. “
