Robert Kiyosaki Explains How To Figure Out If The Economy Is In A Recession: 'My Rich Dad Said...'
Portfolio Pulse from Bhavik Nair
Robert Kiyosaki, author of 'Rich Dad, Poor Dad', shares his perspective on determining if the economy is in a recession. His comments come as the Federal Reserve plans to raise rates by 50 basis points this year, and market participants weigh the possibilities of extended rate hikes.
June 23, 2023 | 2:20 am
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POSITIVE IMPACT
The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) gained 1.18% as Powell concluded his testimony.
The positive price action of QQQ is likely due to Powell's testimony, which provided clarity on the Federal Reserve's plans for rate hikes. This information may have reassured investors, leading to the increase in QQQ's price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.36% higher as Powell concluded his testimony.
The positive price action of SPY is likely due to Powell's testimony, which provided clarity on the Federal Reserve's plans for rate hikes. This information may have reassured investors, leading to the increase in SPY's price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Robert Kiyosaki had previously advised buying Bitcoin (CRYPTO: BTC) as a hedge against economic uncertainty.
Kiyosaki's advice to buy Bitcoin is not directly related to the current news about the Federal Reserve's rate hikes. However, it may still be relevant for investors looking for alternative assets to hedge against economic uncertainty.
CONFIDENCE 70
IMPORTANCE 25
RELEVANCE 25