The pool of beer quip was just the latest bad “cheers” that the 69-year-old offered at the Hollywood, Florida, ETF conference — Faber had said on Tuesday that he would not see another bull market in his lifetime.
On Wednesday morning, Faber argued that central bank policy intervention and slowing commodities demand in China have contributed to a low-growth environment globally. He said that China’s economic influence has increased “dramatically,” with the world’s second-largest economy contributing to both boom and bust in natural resource–producing nations.
Faber’s comments came as major U.S. stock averages waffled on Wednesday for much of the day, but faltered after the Fed announced its intentions to not raise rates and said it was “closely monitoring” the global outlook. Two earnings bellwethers with global exposure —Boeing and Apple — sank on Wednesday after weak quarterly outlooks.
In December, the Fed raised its target rate for the first time in more than nine years.