#1 WALL STREET ECONOMIST

This week on WealthTrack, Consuelo Mack interviews Ed Hyman who has been voted Wall Street's #1 economist for 43 years. Today we look at how accurate his predictions were last year for 2023 and what his crystal tells him is coming in 2024 for the market and overall economy.  Hope everyone had a great weekend.  

#1 WALL STREET ECONOMIST

December 8, 2023

Dear WEALTHTRACK Subscriber,

Every year at this time we wait with eager anticipation to sit down for a rare in-depth interview with Ed Hyman, Wall Street’s king of economists to hear his assessment of economic and market conditions and his forecast for the new year.  

As regular WEALTHTRACK viewers know, Hyman has been voted Wall Street’s number one economist for an unrivaled 43 years by Institutional Investor. He is the Founder and Chairman of Evercore ISI and leads its economic research team, which publishes daily reports that are considered to be must-reads by institutional investors.  

A year ago Hyman and his team were tracking the impact of the Federal Reserve’s aggressive and rapid tightening policies. The key federal funds rate which had started 2022 near zero had jumped to four and a half percent by year-end. It is now at five and a half percent.   

Hyman made two predictions on WEALTHTRACK at the end of 2022. His “high conviction” and most contrarian one back then was that inflation was slowing significantly. His second, “pretty high conviction” call was that the economy was slowing, and if the Fed continued to raise interest rates and tighten overall credit conditions even more it could lead to a recession.

As for the market for 2023, Hyman didn’t have a high conviction call, but Evercore ISI’s technical analyst, Rich Ross did. Hyman said Ross was “flat out bullish” and that he was “going along for the ride, but “had plenty of cash in case that’s wrong.”  

In this weekend’s episode, Hyman shares his forecast and high-conviction calls for 2024.

In our online EXTRA feature, Hyman recommends one of his favorite books to read in the New Year.

Don’t forget you can watch the show on our website over the weekend and the WEALTHTRACK podcast is available on SoundCloud, iTunes and Spotify.

As we enter the busy holiday season, have a wonderful weekend and make the week ahead a healthy, profitable and productive one!

Best regards,

Consuelo