Banking

Billionaire investor Bill Ackman said the US economy will see a ‘massive’ economic boom in the fall despite the Delta variant

Billionaire hedge fund manager Bill Ackman told CNBC on Monday the economy will see a “massive” boom in the fall despite the coronavirus Delta variant.

Ackman said trillions of dollars in federal stimulus, an increase in wages, pent-up savings, and the rise in vaccinations will lead to a “massive, massive economic boom.”

The investor also said that the Delta variant of the coronavirus won’t derail the economic comeback. While he hopes the variant motivates unvaccinated people to seek the vaccine, he doesn’t see it changing behavior to a great extent.

“I think people are done-I am-hiding from the rest of the world. They’re going to go out and have fun, go to restaurants….I think we’re going to have an extremely strong economy come the fall,” said Ackman.

Last month, JPMorgan said the spread of COVID-19’s Delta variant does not post a risk to the stock market in the US given the level of population immunity.

Ackman also said that higher inflation is likely to be a “new normal.”

“I think inflation is understated,” he added, citing the booming housing market. Ackman also said employers will need to raise wages in order to incentivize workers to return, and that will be a “long-term positive” for the economy.

On Monday, Ackman scrapped his plan to buy 10% of Universal Music through his SPAC.

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