Powell Admits He’s Clueless on the US Economy - Ep 862
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 15 December 2022
⏱️ 57 minutes
🧾️ Download transcript
Summary
· The days of low inflation are over.
· Jerome Powell threw cold water on investors’ hope.
· Terminal rate of interest continues higher.
· Mr. Schiff Goes to Washington: https://youtu.be/mANOqcnLtqA
· Mr. Schiff Returns to Washington: https://youtu.be/UvMGHzB37lo
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Transcript
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| 0:00.0 | The Peter Shiff Show. |
| 0:09.5 | Today's podcast was recorded yesterday. |
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| 0:56.1 | Before I get into the big news of the day, which was the culmination of the Fed's two-day |
| 1:01.5 | open market committee meeting, where the Fed announced exactly what the markets had expected, |
| 1:07.6 | a 50 basis point increase in the Fed funds rate, the new rate at 4.5%, meaning the target |
| 1:15.2 | rate is now 4.25% and before I really delve into that news, I want to start off by talking |
| 1:24.2 | about the big news of yesterday and that was the release of the November CPI data. |
| 1:31.4 | And in fact, that CPI number set the tone for the way traders were positioning themselves |
| 1:38.8 | ahead of today's meeting. |
| 1:40.8 | The expectation for the November CPI was for a gain of 0.3 and that would have represented |
... |
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