Welcome to the Real Vision Daily Briefing. It's Wednesday, July 28th. I'm Jack Farley, joined

by Real Vision's in Weston, Nakamura. Today, all eyes are on the Fed and Fed's here to

own Powell, who spoke at the conclusion of the FOMC meeting federal open market committee. They

made a lot of announcements, a lot of financial journalists and macro hedge fund matters are trying

to parse every word of his speech. We will be doing the same. Weston, who is joining us, he is also

going to be updating us on his trade of shorting Chinese tech stocks and going long American tech stocks.

Since he made that recommendation or he shared that with us on Real Vision Daily Briefing a few

weeks ago, obviously that trade has performed phenomenally well. And lastly, of course, we will

be talking about Part 3 of Kathy Woods interview with Carol Sokoloff on the Real Vision Essential

Tier. Weston, welcome to the Daily Briefing. It's great to have you back on.

It's an honor to be here with you, Jack.

The honor is all mine, not only because of that trade, which we'll get to in a moment. But

first, Weston, let's start out with Fed Chair Powell's speech at the conclusion of the FOMC meeting.

There was a lot to analyze. The Federal Reserve announced two standing repurchase facilities,

which many were anticipating. And they also omitted some tapered talk, which we can get into.

What were your thoughts on the events today?

Yeah, the repo facilities, that's just making something permanent that everyone had been utilizing

anyway. And so it's just solidifying something as official. What I thought in terms of language,

and literally language that was interesting is that in the post, I don't want to call it post

pandemic, because we're obviously still panic, but posts like immediate emergency

arrow pandemic and this sort of inflationary error that we're in. The Fed has been using

two specific very purposeful phrases. One is transitory, the other one being substantial for

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