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The Tell: Trump’s ‘ugly’ claim about stocks is backed by Morgan Stanley economist

“We are in a big fat ugly bubble, and we better be careful,” declared Republican presidential nominee Donald Trump at the first of three debates with Democratic rival Hillary Clinton on Monday.

The statement was one of many zingers Trump lobbed as he attempted to cast the economy and the U.S. market as standing on a precarious footing. It is a charge that, in part, he hopes will serve as a rebuke to President Barack Obama’s presidency and indirectly to Clinton who served as U.S. Secretary of State.

At least one Wall Street economist agrees with Trump.

In an op-ed written in The Wall Street Journal late Wednesday Morgan Stanley chief economist, Ruchir Sharma, says, Trump’s bubblicious depiction of the state of equities isn’t off base, given the degree to which the Federal Reserve is propping up stocks by maintaining ultralow interest rates in place.

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