Billionaire investor Howard Marks says the Fed's emergency relief efforts saved the US from depression — but warns of long-term inflationary risk
Howard Marks told Bloomberg that the US may have gone into a depression without the Fed's emergency relief funds.
Marks also detailed a byproduct of the Fed's historic relief efforts: the rise of so-called zombie companies, which are saddled with exorbitant debt loads.Howard Marks told Bloomberg on Thursday that the $6 trillion federal relief package was necessary to support the US economy.
The billionaire investor added that the provision of liquidity by the Fed and the continuation of low interest rates are "very, very important to what the market has been doing for the last four or five months and what it does in the future.
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