Dan Fuss, winner of the Morningstar Outstanding Portfolio Manager award, tells CNBC that the Federal Reserve is 'trapped by the circumstances' as tensions between China and the U.S. increase.
CHICAGO — The Federal Reserve is caught between a rock and a hard place as tensions with China increase, according to an award-winning portfolio manager.
"You're getting diversions of Athens and Sparta right now given how things are playing out not just in trade — although that is the most visible— but through one-offs and other activities," he said."I don't want to sound bearish, but we're cautious." This has sent ripples through financial markets. In equities, the Dow Jones Industrial Average is down 2.5% this week. The benchmark 10-year Treasury yield is down to around 2.45% from 2.55% at the start of the week.
"You're getting diversions of Athens and Sparta right now given how things are playing out not just in trade — although that is the most visible— but through one offs and other activities," Fuss said, referring to China and the U.S.
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