Fox Business guest James Iuorio: “I think we're going into recession now”
Iuorio: “Do I think recession is coming? Yes, I think we're probably already there.”
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From the April 7, 2025, edition of Fox Business' Mornings with Maria Bartiromo
JAMES IUORIO (GUEST): So, couple things. First of all, if we are to believe the data from the last two years that 10% of the asset holders in this country were driving 50% of the consumption. You know, analysts will always tell you that the stock market isn't the economy and the economy isn't the stock market, and that is usually true. This time it was. Asset prices going through the roof was fueling the demand. Now, if we believe that inflation is always and everywhere a monetary phenomenon like Friedman told us, then zapping $5 trillion in two days from the stock market should go a long way in getting rid of the inflation thing.
So, do I think recession is coming? Yes, I think we're probably already there. If you take the buying power out of the people's hands who were driving inflation, who are driving the expansion, let's say, of course it's gone away. So, I think we're going into recession now. I think the Fed is going to ease. I think the U.S. Treasuries are the last man standing and gold is going to join them now as the only things you can buy in an environment like this.
That being said, I think most of this is over. And I think Donald Trump's proclivity is to walk back things when they seem like they're the most serious. We've fallen – this is like Lucy with the football. We've fallen for these things before. Right now the risks exist for him to talk nicer about tariffs and about global trades and markets to rebound, in my view.
MARIA BARTIROMO (ANCHOR): So, the bottom line is you're expecting a cut in June, James?
IUORIO: I'm expecting a cut in June now, yes. I definitely think we are. And I think the market's going to be right about that. Again, I think the reason was inflation. Inflation is less of a worry now.