Robert Armstrong, FT Unhedged, highlights ASR on Bear Markets

Beth McCann

26th JUL. 2022

“ Bear markets don’t end until the Fed has cut rates” – Ian Harnett 

"Lots of people think that the capitulation that matters most is Federal Reserve capitulation…


...that is, they think you won’t see the market bottom and recover until the Fed has signalled that it is backing off. 

One such person is Unhedged’s friend Ian Harnett of Absolute Strategy Research, who tweeted this chart, writing “don’t forget one simple fact . . . we need the Fed to capitulate!— and usually by a large amount!”


Rob Armstrong comments: “I’m not sure this cycle will be like previous cycles, but it’s hard to call the bottom when the Fed is still going at 75 basis points a month”. 


•To read Rob Armstrong’s FT Unhedged column from 21 July – see HERE (FT subscription may be required) 

•ASR clients can read the latest from Ian Harnett HERE

•To request a free copy of Ian Harnett’s note (Key Signals for Re-Risking Equity Portfolios) as part of a trial, please click HERE