Michael Farr is not only the president of D.C. investment advisory firm of Farr, Miller & Washington, he is also Market Strategist for Hightower Advisors, LLC and the author of three books: A Million Is Not Enough: How to Retire With the Money You'll Need, The Arrogance Cycle, and Restoring Our American Dream.
When it comes to providing perspective on the link between the markets and politics, between investments and presidential races, what makes him so good is that he is, as he proudly says, “a lifelong Washingtonian.” He has lived his life watching politics at the highest level play out.
That’s why when markets started moving up on the post-Trump assassination jump bets on him winning back the White House, I immediately reached out to Michael to get his take on the issues that are already on Trump’s policy table when it comes to taxes, tariffs, the budget deficit and more.
We also looked at Fed chair Powell’s interview in D.C, today where his remarks on better inflation data were on another factor that helped push up equities. Michael sees odds of a September rate cut looking better especially if inflation keeps easing and pushing real rates higher.
As for Trump’s idea that the Fed should no longer be an independent body and should instead report to the White House, a view also being espoused by many Republicans, Michael says it would be terrible to let a Congress that can’t get its fiscal house in order start running monetary policy too.
So sit back and here what the politically savvy investor has to say. And listen to the end where he reminds us that nothing can be said with complete certainty about where the Trump-Biden race end up no matter how hopeful it may look for the former president now. A lot can and usually does change from the point the race where the two parties hold their conventions and the point where we cast our votes. Advice investors will do well to heed Michael’s seasoned advice.
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