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Jakobsen: US reality is increasingly dire
Enjoy the third quarter of 2013, the next peak won't be for another four years; that's the view of Steen Jakobsen, Saxo Bank's Chief Investment Officer. After the US Federal Reserve downgraded its economic outlook for the country and maintained its asset purchase programme, Steen believes it and other major central banks are essentially clueless or at best rudderless.
Jakobsen accuses central bankers of being reactive, not proactive. In practice, he believes the third quarter will be an excellent one for equities and gold and the dollar should remain weak. However, he believes this will be the last of the good quarters as the economy is under-performing and the next peak won't be until 2017.
02:00 minutes
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