Haverford Trust Company head of investment strategy Hank Smith on his outlook for the market amid the 10-year Treasury yield falling to its lowest level since February.
Haverford Trust Company head of investment strategy Hank Smith joined FOX Business’ “Mornings with Maria” to discuss his outlook for the market on the heels of the 10-year Treasury slipping to its lowest level since February. He said to “stay invested” because market “tailwinds aren’t dissipating anytime soon.”
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HANK SMITH: We have massive stimulus, monetary and fiscal stimulus vaccine success that’s leading to consumer confidence and an unleashing of pent-up demand and corporate earnings that are just blowing the socks off of all expectations.
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Add to that tremendous dollars in savings. M2 money supply growth still growing at double digits. And it’s hard to step in front of these tailwinds.
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And we have seen this in terms of market action in the past month where we’ve had some weeks that started off with some really big downdrafts and all of a sudden we’re thinking, oh, boy, here comes the correction, only to end the week back at all-time highs. So I say stay invested. These tailwinds aren’t dissipating any time soon.
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Hank Smith, Haverford Trust Company head of investment strategy, discusses the factors impacting the 10-year Treasury yield, the possibility of Jerome Powell being reappointed to head of the Federal Reserve and the July jobs report.
