MacroVoices · Thursday, August 13, 2026
Michael Howe draws a parallel between the current market conditions and late 2021/early 2022, a period marked by significant drops in the S&P 500 and Bitcoin. He warns that risk asset markets react negatively to central bank tightening, which he sees as inevitable given the strong economic backdrop.
“but we're probably treading a path which to my estimation looks remarkably like late 2021, early 2022. That was a period of, of, some considerable unhappiness, uh, for investors.”
“And you've got to recall through that period, the S&P dropped 25% and Bitcoin dropped 75%.”
“And this is, I think, inevitable, given the, the backdrop for the economy. And my view is the economy is a lot more, is a lot stronger, a lot more robust than many people would envision.”