Federated Investors' top fund manager thinks the market is wrongly pricing in a 2019 recession
Wall Street angst over a possible recession may be increasing, but one bull refuses to waver. Federated Investors' Steve Chiavarone believes there's nothing on the horizon that suggests the 2018 market corrections will become a massive downturn next year.Rather, he sees stocks hitting fresh record highs — citing labor market trends, inflation levels, the Treasury yield curve and credit spreads as key factors contributing to a favorable economic and market environment. "We don't have any of the early signs of recession. Yet, we have a market where despite 20 percent earnings growth, the P/Es [price-earnings ratios] have ...