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Business Insider: The Delta variant has derailed the speed of the economic recovery and will prompt the Fed to delay tapering plans, Guggenheim’s Minerd says

Emily Graffeo | August 19 , 2021

COVID-19's Delta variant has made a material impact on consumer behavior and will delay the Fed's timeline for tapering asset purchases, Guggenheim's global chief investment officer said Wednesday. Although Fed chief Jerome Powell has said it's not clear yet whether the Delta variant will have important effects on the economy, Scott Minerd said various data points suggest the variant is already having a negative impact on the recovery.

When the Fed does decide to taper, yields could rise, which could change current assumptions underpinning stock valuations, according to Mace McCain, Frost Investment Advisors CIO. The Fed's continued support of the economy is typically credited with propping up stock valuations.

Excerpted from Insider on August 19, 2021. To read full article, click here.

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