Steve Cohen, chairman and CEO of Point72, spoke to CNBC on April 3, 2024.
CNBC
The billionaire investor Steve Cohen doubled his negative view of the US economy due to a background to punitive tariffs, the approach of immigration and the federal government's procedure, which were led by the so-called Department of Government Efficiency.
The chairman and CEO of Hedge Fund Point72 said that he had become Bärisch for the first time in some time after President Donald Trump's aggressive trading policy had to take care of inflation pressure and lower consumer expenses. In the meantime, his hard attitude towards immigration could mean a limited employment relationship, he said.
“Tariffs can't be positive, okay? I mean it is a tax,” said Cohen on Friday at the FII priority summit in Miami Beach, Florida. “In addition, we have a slow immigration, which means that the employment population will not grow as quickly as … in the past five years and such.”
The prominent hedge fund investor has undertaken a stitch at Doges cost reduction movements under the direction of Elon Musk and said that she could only violate the economy. Musk said his goal was to reduce the federal expenditure by $ 2 trillion.
“If this money goes through the economy for many years and may now be reduced or stopped in many ways, it must be negative for the economy,” said Cohen.
Cohen believes that a withdrawal on the stock market could probably receive the uncertain macroeconomic environment. He sees that the growth of the US economy slows down from 2.5% to 1.5% in the second half of the year.
“I think we see that the regime changes a little. It can only take a year or something, but it is definitely a time when I think the best winnings don't surprise myself to see a significant correction . ” Said Cohen. “I don't think it will be a disaster.”