The Fed Can’t Fight What It Doesn’t Understand - Ep 869
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 2 February 2023
⏱️ 42 minutes
🧾️ Download transcript
Summary
· As expected, the Fed did exactly what was expected.
· Gold trades highest it’s been in almost a year.
· Government causes inflation, not consumers.
· Investors are seeing through the outliers when it comes to stronger economic data.
· Congress acts shocked to discover fraud with PPP loans.
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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. |
| 0:12.1 | If you want to listen to my podcast, Commercial Free, the day that I record them, go to |
| 0:17.0 | shiffradio.com slash premium. |
| 0:19.6 | It only costs $5 a month. |
| 0:21.9 | Today's podcast is sponsored by WinMon. |
| 0:24.3 | WinMon is not a typical domain site. |
| 0:26.5 | It's a premium domain named resale and development business. |
| 0:30.4 | inquireitwidmon.com. |
| 0:32.3 | That's w-i-n-m-o-n-d.com. |
| 0:35.8 | Earlier today, the Federal Reserve did exactly what everybody expected them to do. |
| 0:41.2 | They raised the Fed Funds rate by 25 basis points. |
| 0:45.5 | We're now at 4.5 to 4.75. |
| 0:49.4 | That is the range that the Fed targets. |
| 0:52.3 | The reason the Fed raised by 25 basis points is because that's exactly what everybody |
| 0:57.8 | expected. |
| 0:59.3 | The Fed doesn't want to do anything that the markets don't expect. |
| 1:04.1 | Pretty much delivers whatever is expected. |
| 1:07.4 | But apparently what wasn't expected is that Powell was not as hawkish as some people had |
| 1:13.8 | feared. |
| 1:14.8 | In fact, before we got the news of the rate hike, the Dow Jones was down about 300 points. |
| 1:21.0 | And then after we got the news, there was a bit of a knee jerk rally. |
... |
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