Portfolio manager Michael Lebowitz returns here in Part 2 of our interview with him to explain that a Fed pivot may not deliver the happy rescue many investors are currently anticipating.
Like Bill Fleckenstein, Michael thinks if/when the Fed pivots, if inflation is not fully tamed (which looks increasingly unlikely to happen anytime soon), the bond market's confidence in the Fed will be broken.
As a result, the bond vigilantes will send credit yields higher, not lower as many are currently expecting.
In this discussion, Michael also shares his thoughts on which assets are best positioned to protect wealth through the continued turmoil he sees ahead. https://youtu.be/aNrxggYT2s8