PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the market forecast for the week, as well as the potential reaction to a new Covid-19 variant.
Celia stated, “It’s the first full week of December, and things are a little bit more positive. There is a lot of talk about everybody overreacting to the notion of the new Covid-19 variant. The media is overreacting or reacting in a political way, but I think the markets are now seeing cooler heads prevail.
“We are getting some economic data—nothing being reported today—but we are getting some consumer credit numbers and productivity revision for the third quarter. That will be a very interesting number. It’s sitting at a negative 5%, which is not good. As I always say, you cannot have growth in any economy with a bad productivity number. It is impossible. The job openings number is coming out and likely to stay around 10.2 to 10.4.”
Celia continued, “Consumer confidence index is coming out, which will be a very pivotal number, but not as pivotal as CPI coming out year over year. We’re sitting at 6.2% inflation right now, and if that goes down more than a half of one percent, that is going to be a problem for the market. We’ll watch the economic data and look at markets in general, obviously, but I don’t think there’s going to be any real dramatic changes. Jerome Powell is backtracking in a huge pivot, and everyone is questioning his credibility—as they should. But I think we need to understand that the federal reserve is a politicized organization right now, and the pivot should not be a surprise to anyone.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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