Kitco News, Released on 8/15/24

Jeremy Szafron, Anchor at Kitco News, interviewed Stephanie Pomboy, founder of MacroMavens, for an in-depth discussion on the current state of the U.S. economy. Pomboy analyzed July’s retail sales surge, highlighting the underlying consumer debt issues and the unsustainable spending patterns driven by credit reliance. She also critiqued the Federal Reserve’s potential rate cuts and warned about the rising risks of a severe economic downturn. Pomboy’s conservative investment strategy, focused on cash and gold, reflects her concern for future market volatility. Don’t miss her insights on the looming “moral hazard” on Main Street and the disconnect between Wall Street and the broader economy.

00:00 – Introduction & Overview of July’s Economic Data
01:24 – Retail Sales Breakdown: What’s Driving the Surge?
03:11 – Consumer Debt Crisis: Is Spending Sustainable?
05:28 – Unemployment Claims & Labor Market Realities
07:49 – Corporate Earnings vs. Economic Reality
09:39 – Regional Economic Concerns vs. National Trends
13:14 – Risks of Rising Consumer Defaults and Economic Downturn
18:45 – Defensive Investment Strategy: Cash and Gold

Stephanie Pomboy is an economist and founder of the economic research firm MacroMavens. Before launching her firm, Pomboy worked as a managing director at an independent economic research firm ISI Group from 1991 to 2002. She provided timely financial insight and analysis to the country’s most sophisticated and largest institutions. Then, she began her career at Cyrus J. Lawrence LLC’s investment management company after earning a bachelor’s degree in 1990. Pomboy spent over a decade working with Ed Hyman and Nancy Lazar at ISI Group and Cyrus J. Lawrence LLC. In addition, Pomboy hosts a joint podcast called The Super Terrific Happy Hour with Grant Williams of Things That Make You Go Hmmm… newsletter.

  economy, gold, investing, Stephanie Pomboy, stock market