Powell admits to Fed’s Monetary Hail Mary – Ep 582
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 11 June 2020
⏱️ 68 minutes
🧾️ Download transcript
Summary
We dodged a bullet and stepped on a land mine.
Fed gives green light on more stimulus.
Fed creating an inflation episode for the history books.
Mania in stock market driving short-lived successes on Robinhood app.
Other currencies will collapse with the dollar.
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Transcript
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| 0:00.0 | The Petership Show |
| 0:07.0 | Today's podcast is brought to you by ExpressVPN, so thank ExpressVPN for supporting the |
| 0:16.0 | Petership Show podcast. |
| 0:18.0 | You probably don't think much about Internet privacy on your home network, but ExpressVPN |
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| 0:27.8 | So visit ExpressVPN.com slash gold and you can get an extra three months free on a one-year |
| 0:34.6 | package. |
| 0:35.6 | Earlier today, the Federal Reserve concluded its most recent two-day meeting, and as widely |
| 0:43.5 | expected, they did not raise interest rates. |
| 0:46.8 | They left them at zero to 0.25%. |
| 0:50.6 | They didn't cut them to negative, although nobody was actually expecting the Fed to go there |
| 0:56.0 | yet. |
| 0:57.0 | Like what few people probably anticipated was perhaps the most dovish statement that |
| 1:04.2 | I've ever heard of Fed Chairman make. |
| 1:08.3 | And basically, it was in the Q&A that whenever they come out with an official statement, |
| 1:15.3 | Powell always has a press conference. |
| 1:17.2 | And again, this is a break with tradition because they didn't have a press conference |
| 1:22.0 | after every meeting. |
| 1:23.6 | They used to do it every quarter and Powell decided to be more transparent. |
| 1:28.4 | So he's doing it after every meeting. |
| 1:30.3 | And of course, now it's a Zoom conference. |
| 1:32.6 | So you get to see all the little people in their windows asking the Fed Chairman some |
... |
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