Jerome Powell is WRONG on the economy | Jay Hatfield, Infrastructure Capital
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 13 January 2026
⏱️ 40 minutes
🧾️ Download transcript
Summary
Jay Hatfield is the CEO of Infrastructure Capital Advisors, and he is known for his contrarian macro views. He joined Phil Rosen on Full Signal to discuss Fed independence, assess Jerome Powell's job leading the central bank, why inflation looks bullish, what money supply is signaling, and more.
This episode is sponsored by Public: https://public.com/openingbell
Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe
Follow Phil on X: https://x.com/philrosenn
Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/
Watch On YouTube: https://youtu.be/pLTYdagP1kw
Timestamps:
0:00 - Intro
0:34 - Fed criticisms
3:03 - Powell’s mistakes
5:10 - Keynesian vs. Monetarist
7:44 - Flawed data
8:54 - Rethinking the Fed
11:05 - Fed independence
13:35 - Public & Generated Assets
14:40 - Fed succession
17:00 - Faulty data
19:01 - 2026 rate cuts
20:28 - Is monetary policy tight?
24:34 - Residential recession
27:30 - Rising productivity
30:19 - 8,000 S&P 500
32:54 - Portfolio strategy
34:25 - AI trade
36:15 - Tech valuations
Disclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
#podcast #investing #markets #macro #stocks #bitcoin #fed
Transcript
Click on a timestamp to play from that location
| 0:00.0 | What's going on, guys? On this episode of Full Signal, I sit down with Jay Hatfield. |
| 0:04.1 | He's the CEO of Infrastructure Capital Advisors, and he manages a bunch of portfolios and funds across equities and other assets. |
| 0:11.2 | We talk about the Fed, Fed independence, and all the data that makes Jay believe Jerome Powell has been off the ball as Federal Reserve Chairman. |
| 0:19.8 | And we even talk about how Jay got |
| 0:22.5 | reposted and quoted by President Trump in a truth social post. This is a fantastic conversation. |
| 0:28.5 | It made me think a lot. And I think you're going to love this conversation. |
| 0:33.6 | Jay, you have been one of the biggest critics of the Fed in recent months, and there's a lot of |
| 0:39.3 | critics of the Fed. |
| 0:40.4 | However, not everyone gets posted in a truth social post by President Trump. |
| 0:45.6 | Can you walk us through how you're thinking about the Fed and why you've had so much to say about |
| 0:50.8 | the Federal Reserve and Jerome Powell? |
| 0:53.4 | Thanks, Phil. |
| 0:54.0 | It's great to be on. |
| 0:55.2 | So we've actually been critical to the Fed really back to early 21. |
| 1:00.7 | And the reason for that is I was trained by a monetarist 45 years ago at UC Davis. |
| 1:07.7 | So we monetarists believe that inflation comes from excessive money supply growth. |
| 1:13.6 | So the Fed increased the money supply by 70% during the pandemic. And housing prices is the key |
| 1:20.8 | thing to watch where the inflation shows up. We're up 20% year every year. But yet the Fed |
| 1:25.7 | share and the Fed itself was saying that inflation was |
| 1:28.7 | transitory. So we've been harshly critical since then. And now we actually have the opposite |
| 1:34.6 | view, which is inflation really is already at 2%. The money supply is shrinking. Oil prices are |
| 1:40.9 | down. So we're bullish on inflation and have been, even before President Trump |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Phil Rosen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Phil Rosen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.