Welcome to the Dividing Cafe, weekly market commentary focused on dividends in your portfolio

and dividends in your understanding of economic life.

Well, hello and welcome to a very unconventional dividend cafe. I guess it's a little more

conventional for you listening on the podcast, but you're watching

the video. I am on a little vacation. My wife and I have done an annual trip in between our two

birthdays, which are only 10 days apart every year for a long, long time. So we're actually out of the

country right now, celebrating a little weekend deal away. But that doesn't mean the dividend cafe has to stop.

That either reflects how committed I am to doing Dividy Cafe or how bad of a husband I am,

or maybe a little bit of both.

But we are here, and Dividy Cafe is written, and it's primarily about the Fed today.

And I just want to share a few things and then I'm

going to get back to what I'm here to be enjoying. Obviously, it's quite beautiful. I spoke last

week about the three primary issues that I believe are macroeconomically sensitive to investors

for not just days, weeks, months ahead, but I believe years and decades.

And the three major categories I offered up were the inflation, deflation debate that I won't

stop talking about.

China and its ascendancy in the global economy.

And then third, the Fed and really central banks overall and where they are headed in the years to come.

And today I just want to make a couple of comments on that third category.

I do think that we are limited in our imaginations as to how imaginative the Fed can end up being

in the way that it intervenes into financial markets going forward.

I don't believe, by the way, that their interventions have ever been anything other than

...