Permanent Portfolio’s Michael Cuggino and Payne Capital’s Courtney Garcia join ‘The Exchange’ to discuss Powell’s senate testimony and its impact on the markets. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

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The COVID-19 pandemic has caused massive disruptions to the global economy, throwing millions of people out of work and pushing many businesses to the brink of collapse. However, despite the challenges posed by the pandemic, the job market and economy have remained strong in recent months, making a deep recession unlikely, says Permanent Portfolio’s Michael Cuggino.

Cuggino, who serves as the president and portfolio manager of the California-based investment firm, argues that the fundamental strength of the US economy and the job market is too robust to be undermined by the pandemic. He notes that the country is experiencing an unprecedented wave of economic growth, with record-low unemployment rates, rising wages, and strong demand for goods and services.

According to Cuggino, the resilience of the job market and the broader economy is due to a mix of government stimulus, monetary policy support, and strong consumer demand. Despite the initial shock of the pandemic, many businesses have adapted to the new reality and found ways to continue operating, leading to a sustained recovery in employment and economic output.

In addition, Cuggino cites the recent surge in COVID-19 vaccinations as a positive signal for the economy. As more people become vaccinated, he believes that consumer confidence will continue to rise, leading to increased spending and economic activity.

However, Cuggino also acknowledges that there are still risks to the job market and economy in the near term. He notes that the pandemic is not over, and there are still many uncertainties around the path of the virus and the pace of the vaccine rollout.

Nonetheless, he remains optimistic about the economy’s long-term prospects, arguing that the country has the resources and resilience to overcome the significant challenges posed by the pandemic. He also believes that investors should focus on the fundamentals of the economy and invest in companies with strong balance sheets and cash flows, which are likely to weather the economic storms.

In conclusion, while the pandemic has disrupted the global economy, the strong job market and overall economic growth in the US suggest that a deep recession may be unlikely. As the economy continues to recover, investors should remain focused on the long-term fundamentals and look for opportunities in industries and companies that are likely to thrive in the post-pandemic world.