Greg Fleming on CNBC’s Squawk Box – Market Volatility Normal, Deficit Spending the Real Issue
On CNBC’s “Squawk Box,” Rockefeller Capital Management CEO Greg Fleming talked markets, the economy and the Fed, providing insight for clients in the midst of market volatility.
“Whenever you get to a pivot point in the economy, you’re going to see more volatility,” he said. That volatility is a normal reaction to a changing macro backdrop with the Fed shifting direction. He compared current market conditions with past years, noting that in 2011, “there were 35 days where the market moved up or down more than 2%.” In 2023, there was one, and year to date, there have been three.
Responding to questions about advising clients in these conditions, Fleming noted, “we tell our clients, they have a long-term plan in place…stay steady with the plan.”
He acknowledged that clients and advisors are looking at the impact of the upcoming election, particularly the tax implications. But he added that the real issue is deficit spending, which is not being addressed sufficiently.
The views and opinions expressed represent the views and opinions of Rockefeller Capital Management as of the date of the interview and is subject to change at any time. The information herein does not constitute an offer to sell or a solicitation of an offer to buy interests in any Rockefeller Capital Management investment vehicle or product or service. Although the information provided is carefully reviewed, Rockefeller Capital Management is not responsible for any direct or incidental loss resulting from applying any of the information provided.
Rockefeller Capital Management is the marketing name for Rockefeller Capital Management L.P. and its affiliates. Investment advisory, asset management and fiduciary activities are performed by the following affiliates of Rockefeller Capital Management: Rockefeller & Co. LLC, Rockefeller Trust Company, N.A. and The Rockefeller Trust Company (Delaware) and Rockefeller Financial LLC.