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Wall Street Breakfast

Powell prioritizes inflation, overblown Fed reactions and market narratives

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 24 September 2023

⏱️ 22 minutes

🧾️ Download transcript

Summary

Matthew Tuttle and Rob Isbitts discuss the reaction to the Fed not raising rates this past week (0:40), sussing out the real market narrative (7:00), technical levels and the 10-year (14:00).

Transcripts on Seeking Alpha

Show Notes:
SPY And S&P 500: Big Short 2? Path To 3,000 Easier Than It Seems
SPY, QQQ, ARKK, Oil Conspire To Point To A High Return-High Risk Market (Technical Analysis)
Market Crosswinds And Nasdaq Looking Better Than Dow

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Transcript

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0:00.0

Welcome to Seeking Alpha's Wall Street Breakfast Sunday Edition.

0:04.0

I'm Rob Isbitz, Seeking Alpha Contributor under the profile SunGarden Investment Publishing

0:10.0

and creator of a brand new site called E.T yourself.com. My friend Matthew Tuttle of

0:17.2

Tuttle capital management is with me again. He's a fellow seeking alpha contributor, a highly experienced trader and an EDF innovator.

0:25.0

So Matthew, you know, this is really supposed to be kind of a review of the week,

0:32.0

but we might as well just review

0:33.0

Wednesday and Thursday of this week we're recording this Thursday afternoon and

0:38.8

really I mean unless you want to talk about Philly Fed manufacturing, you know, which was down pretty sharply this morning, or jobless claims, which had the number two in front of it.

0:53.0

It's always in the 200 range and people try to make a lot out of this.

0:56.4

But I'm really curious to get your reaction to this

0:59.4

because of course, you know, Fed did not raise rates nobody expected him the raise

1:06.2

rate so guess what everybody was right however it's always the

1:10.8

reaction and it's always the interpretation of the words. It's always a pivot in the narrative.

1:18.0

I happen to personally think a lot of the stuff is overblown but markets move on it and they are moving and I guess

1:28.9

the meeting on Wednesday and the press conference that Chairman Jerome Powell gave afterward

1:37.0

with some fairly spicy questions I would say.

1:41.2

You know the the narrative the next day here is it was a hawkish pause and that makes

1:48.8

me think back to a Seinfeld episode where they were trying to find a girlfriend for George Kostanza.

1:57.0

And he was so particular, and he was at one point he was saying,

2:02.0

I like a pinkish hue, I really really I can't date anybody who doesn't have a pinkish

2:05.8

hue and pinkish you was what came to my mind when everybody's talking about hawkish

2:11.8

pause.

...

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