Hey everybody, welcome to the Real Vision Daily briefing. Today it's Tuesday, January 11th, 2021.

This is Alf, the author of the Macro Compass, and I'm here with the one and only Tony Greer,

who's the editor of the Morning Nampigator. Hey, Tony, how are you doing, man?

Alf, how are you today, brother? What's happening?

Yeah, it's so nice and then, you know, we have all these rallies going on.

Everything that has a name attached to it is rallying apparently.

You want to call it, it's bonds, gold, Bitcoin, tech, cyclicals, you just call it,

everything is rallying, right? Yeah, I mean, we tend to have days like that

whenever there's a presence of Jerome Powell on the tape anywhere.

If you ask me, if the Fed Chairman speaks markets are buoyant, I think that's his job.

Probably, so today he showed up at the Senate Banking Committee and he gave, you know, his speech

there, and you know, he said a couple of interesting things, but before we talk about what he said

and the reaction of the markets, I just want to make sure that the audience actually listens to

an interview I had, a clip to an interview I had with Rosenberg, David Rosenberg, where we

actually talked about his view of the Fed and what he thinks something pretty interesting.

Let's listen in for a second. I never understood why the Fed gave up on

transitory, maybe they just should have defined it, because to me, you know, in the overall realm

of economic and financial history, one to two years, to me is still pretty transitory,

or maybe we need another word for it. But you see, the household sector is telling you that

beyond this year, with the supply bottlenecks and the commodity pressures that we've seen,

that their two to five year view is inflation to average 2.4%.

Which actually is at the low end of the range of the past several years and below where it was

...