Billionaire hedge fund manager Kyle Bass is doubtful a trade deal between the U.S. and China can be reached and believes rate cuts are less effective these days.
"...the Communist Party doesn't want to submit themselves to anything measurable or enforceable. I don't think an agreement could be had," Bass says.
"Every deal that the Chinese have signed up with us since their inception into the WTO since 2001, China never lives up to their promises," the founder and chief investment officer of Hayman Capital Management said on CNBC's"At some point in time, one of our administrative officials is going to hold their feet to the fire and this is kind of a battle of cultures because the Communist Party doesn't want to submit themselves to anything measurable or enforceable.
"We believe rate cuts are less and less effective once you've been at a zero rate bound...They will have less efficacy. I think in early 2020, you are just going to see softness in the U.S. economy. We might have shallow recession, but if we do and we will immediately go to zero rates," Bass said.
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