Fed Hawks Turn Chicken – Ep 806

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 5 May 2022

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

· Fed raises benchmark interest rates higher than it has in 20 years.
· Lyft stock hits 52 week low.
· Jerome Powell admires Paul Volcker, but not for his policies.
· New York Times argues for less courage and more cowardice.

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Transcript

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0:00.0	The Peter Shifx Show
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0:44.1	Well today the Federal Reserve did something that hasn't done in more than 20 years.
0:49.0	It raised its benchmark interest rate by 50 basis points.
0:53.4	The last time that happened was the year 2000.
0:57.1	What happened to be the peak of the last big bubble in stocks in particular, the technology
1:03.4	bubble, the dot com days and that ushered in a huge bear market which saw the Nasdaq lose
1:09.5	about 80% of its value.
1:12.4	And I think something similar could be in store for the Nasdaq this time, given how massively
1:18.6	overvalued it is, we have our share of dot com stocks in today's market.
1:24.1	But all that aside, today there was a huge rally in the stock market, the Nasdaq in particular
1:31.0	because the Fed could have been a lot more hawkish than it was.
1:34.5	In fact, a lot of people expected the Fed to raise rates by 75 basis points.
1:39.9	But in reality, even that wouldn't have been enough.
	...

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