Central Bank Omnipotence ( w/ Jeff Snider and Ed Harrison)

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 11 January 2021

⏱️ 64 minutes

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Summary

Recorded on 3 Sep, 2020. Central banks are powerful entities -- of this, there is no doubt. As of late, however, they have gone from powerful to almost omnipotent. Markets hang on their every word, and even minuscule changes in rhetoric, implied or explicit, have monumental impacts on how participants position themselves. Since March, the “Fed's got your back” mantra has rocketed markets to new all-time highs. Now, there are two questions to be had. First, what role will central banks play moving forward as they go above and beyond their mandates? Second, will their macro framework and economic toolkit be enough to lift growth and change the path of inflation? In an attempt to understand how this all plays out, we’ve invited Jeff Snider, head of global research at Alhambra Investment Partners, to sit down with Ed Harrison in this segment of Real Vision Live. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to Real Vision Live. I am the host today, Ed Harrison here for Real Vision. I'm talking to Jeff Snyder, who is at Alombra Investments. Jeff, good to have you on the show.
0:22.0	Good to see again, Ed. No, Jeff, you to have you on the show. Good to see you again, Ed.
0:24.0	No, Jeff, you know, you just told me literally like two seconds ago what your title is in Alambra,
0:29.0	but it went in one year not the other.
0:31.0	Can you tell us though us what you do?
0:33.7	Yeah I'm the head of global research at Alhambra.
0:36.0	And it's a title that's pretty appropriate to what I do,
0:40.6	which is mostly research writing and talking about these exciting topics that we're going to get into.
0:46.0	Yes, including Jackson Hole, don't let me forget to ask you about that.
0:51.4	You know, the backdrop to our conversation right now is some serious market volatility.
0:58.7	We see the NASDAQ down almost 5% as we started talking. What do you make of what's going on in the markets? Can you
1:05.9	contextualize it in terms of what you've been writing over the past month or so?
1:11.8	Well I mean I think a lot of people agree that the market's kind of gotten way ahead of itself or at least the way ahead of where the current economy and the current situation is now.
1:20.0	Obviously people in the stock market that are betting that things will, you know, whatever happened earlier this year in terms of COVID and the shutdowns and the economic dislocation will simply fade away and that by, you know, a reasonable amount of time, hopefully early next year, things will be right back to normal again.
1:37.0	And so I think that's been the driving narrative, driving stocks higher and higher as we've gone throughout this year.
1:43.7	But more and more we're starting to see a lot of concerns about,
1:46.4	okay, is that really the case?
1:48.8	Is it going to be so easy that we turned everything off?
1:51.4	We had all sorts of financial problems in March, can we really
1:54.6	get back to even or back to level or even close to it so simply and so pain free that the stock market seems to get?
2:01.8	And so we would expect even along the way that there
2:05.1	would be periods where people in the market bowls in the market or anybody buying
	...

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