The Feds Secret Plan for Interest Rates
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 30 April 2026
⏱️ 33 minutes
🧾️ Download transcript
Summary
The Federal Reserve may be reading inflation wrong, and a leading candidate to run the Fed wants to change the measuring stick entirely. Ken and Danille break down Kevin Warsh's case for trimmed-mean inflation, what it means for mortgage rates, and why real estate investors need to pay attention right now. Are you an accredited investor and interested in finding multifamily opportunities.
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Transcript
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| 0:00.0 | What if inflation isn't as bad as the Fed says it is because they're measuring it wrong? |
| 0:07.0 | That's the argument Kevin Warsh is making. |
| 0:09.9 | He's not really talking about cutting rates right now, but he is talking about changing the way we read inflation. |
| 0:17.3 | Yeah, and I think this is probably a good topic for a lot of people because, you know, we went |
| 0:23.4 | and looked at shadow stats and obviously there wasn't anything on there since 2023 to prepare for |
| 0:28.4 | this. There's all kinds of things that people are seeing today, just normal people, like with food |
| 0:35.1 | and of course, gas and all that kind of stuff. And what he's saying is he's |
| 0:38.9 | trying to make it so that the spikes or the extremes, you know, aren't included, right? |
| 0:43.8 | Well, what he's really trying to do is he really wants to cut interest rates like we've known |
| 0:48.1 | that Trump really wants to do, but you can't cut interest rates if you have high inflation. |
| 0:53.2 | So apparently instead of saying, |
| 0:56.4 | how do we get the current inflation rates down below 3%? The new question is, how can we read |
| 1:03.7 | inflation so that it reads below 3%. Now, I do have a couple problems with it anyway, regardless |
| 1:10.1 | of whether, you know, |
| 1:11.2 | as we all know, Powell's out on May 15th, that's for sure. |
| 1:15.9 | And Warsh is going through, I think, the confirmation hearings right now. |
| 1:18.5 | So the target is he'll be in there somewhere around that time, but, you know, time will tell on that one. |
| 1:23.7 | But regardless, we need to go back and look at kind of the components. So there's |
| 1:28.5 | there's PCE, which is personal consumption expenditures. And then there's CPI, obviously. And |
| 1:35.2 | there's some other things, but those are the kind of the two main ones. The media kind of works the |
| 1:40.7 | CPE. And I think the Fed actually kind of learns, leans toward the PCE. |
| 1:46.9 | Okay, the personal consumptions. |
... |
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