This is a special edition of Macrovoises with hedge fund manager Eric Townsend.

The premier financial podcast targeting professional finance, high net worth individuals, family

offices, and other sophisticated investors.

Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.

Macrovoises All Stars episode number 39 was recorded on July 29, 2019.

I'm Eric Townsend.

Alhambra Investment CIO Jeff Snyder is back with us again this week.

We received a ton of emails and tweets with listener feedback from our July 15th interview

with Jeff and it's great to see so many people paying such close attention.

Quite a few listeners got the impression that Jeff was making a seemingly novice mistake

when he characterized I.O.E.R. as creating a ceiling for the Fed's funds rate where several

listeners sent us links to the Fed's own blog posts explaining why I.O.E.R. is intended

to act as a floor below Fed funds not a ceiling above it.

Folks I assure you, Jeff was not making such a novice mistake.

He's well aware of the Fed's view in the subject.

He simply disagrees with that view.

So I probably should have done a better job of making that clear by asking Jeff to explain

why his views differ from those of the Fed and other analysts.

This week we're going to dive into this subject in much greater detail.

We'll also touch on Luke Gromans' views expressed in another Alhambra All Stars interview,

which differ from Jeff's.

As usual, Jeff prepared a fantastic slide deck to accompany today's interview.

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