Why this stock-market strategist expects no recession and zero rate cuts in 2025

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‘The two primary factors that lead me to make decisions in the U.S. bond market and for U.S. currency are both going up,’ says Keith McCullough

Published: May 22, 2025 at 5:35 p.m. ET

Photo: Getty Images/iStockphoto

Stock and bond investors are fumbling in the fog of the U.S. budget deficit, the dollar and how to trade the Trump administration’s tax bill, which passed the House early Thursday.

Yet for Keith McCullough, the chief executive of investment service Hedgeye Risk Management, the message from the bond market and the currency market is clear-cut.