Edward Dowd, a former BlackRock executive and founder of Phinance Technologies, is predicting a major market correction in October, just before the presidential election. During a discussion on War Room, Dowd highlighted troubling economic signs, warning that the financial downturn will likely favor President Donald Trump over Vice President Kamala Harris.
Dowd criticized Treasury Secretary Janet Yellen’s recent comments suggesting that the economy is strong, comparing her statements to those made by officials before the 2008 financial collapse. He argued that the government has been manipulating employment numbers to paint a rosier picture than reality. A recent revision revealed 850,000 fewer jobs than previously reported, which Dowd said was expected.
Dowd explained that temporary boosts from government spending and immigration have kept the economy afloat, but those effects are waning. He predicted that by October, the market will see a correction, as investors on Wall Street remain cautious and hold back from making significant decisions.
This market uncertainty, according to Dowd, will shift voter support toward Trump. He argued that the Biden-Harris administration’s inability to manage the economy will become more apparent as the financial situation deteriorates, pushing voters to reconsider their options.
With economic confidence declining, Dowd’s prediction of a market correction could be a turning point in the 2024 election.
