In this episode of Macro Voices, Erik Townsend interviews David Rosenberg about the U.S. economic outlook, Fed policy, and investment strategies for 2026. Rosenberg expresses concerns about a potential policy error by the Fed, emphasizing the importance of forward-looking indicators rather than lagging data. He highlights the K-shaped economy, where AI and the high-end consumer are driving growth, while the labor market shows signs of cooling. Rosenberg discusses the AI boom's impact on energy infrastructure and financing, suggesting a possible bubble. He recommends a diversified investment approach with a focus on risk management, including gold, silver, uranium, Japanese yen, and defensive equities with secular tailwinds. Rosenberg also shares details about his upcoming Macro ETF and a book on his 40 years of experience in finance. The discussion extends to commodity prices, particularly gold and oil, and concludes with asset allocation strategies for the coming year.
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