Michael Hasenstab Warned against Complacency

Michael Hasenstab warned against complacency because of the followings:

1. Inflation might not be completely death
2. Structurally labour market is tight due to anti-immigration policy
3. Cyclically labour market is tight as unemployment is all time low
4. Tariff only lead to higher prices
5. Rise of populism

Reference:

Seeking Alpha, 2019-06-30, “Are Investors Today Too Complacent?”