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The Peter Schiff Show Podcast

Powell Pulls the Hope Out From Under the Market – Ep 852

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.75.8K Ratings

🗓️ 3 November 2022

⏱️ 33 minutes

🧾️ Download transcript

Summary

· Federal Reserve raises interest rates again as expected.
· Markets spooked as Jerome Powell dropped bombshells in Fed meeting.
· Biden administration gets fact checked and deletes tweet.
· Weakness in the stock market will continue on after the election.



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Transcript

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0:00.0

Today's podcast was recorded yesterday.

0:12.1

If you want to listen to my podcast, commercial free, the day that I record them, go to shiftradio.com

0:18.3

slash premium.

0:19.3

It only costs $5 a month.

0:21.8

Today's podcast is sponsored by Indeed.

0:24.1

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0:26.7

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0:30.6

Start hiring right now at deed.com slash feeder.

0:33.5

Offer good for a limited time.

0:35.0

Terms and conditions apply.

0:37.1

Earlier today, the Federal Reserve delivered on market expectations for another 75 basis

0:44.0

point rate height.

0:45.5

The Fed funds rate now stands at 4%.

0:50.1

But what the Federal Reserve failed to deliver was on the expected softening in the Fed

0:56.0

stance on the future trajectory of interest rate hikes.

1:00.4

What I referred to in the title of a previous podcast as a soft pivot.

1:06.3

And I believe the Fed was forced into making that pivot because it stood on the precipice

1:12.5

of a bond market crash, which was in the process of happening.

1:17.4

And I think the only way the Fed was able to stop that slow motion crash from playing

1:22.4

out and accelerating was by throwing a bone of the markets and indicating through the

1:27.2

Wall Street Journal that there was going to be some type of statement that was going to

1:32.0

go along with the rate hike that we got today that would indicate that maybe there was

...

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