The Most Anticipated Yet Least Significant Rate Hike Ever – Ep 788
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 17 March 2022
⏱️ 66 minutes
🧾️ Download transcript
Summary
* Elizabeth Warren blames covid and corporations for problems caused by Congress.
* Bond market thinks the recession will cure inflation; it won't.
* Congressional staffers get a huge pay raise, paid by taxpayers.
* Small rate hikes will hurt the stock market, not the gold market.
* Fed is doing the minimum it can get away with to try to save face.
* You live by low interest rates, you die by high interest rates.
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:09.2 | Today's podcast is sponsored by NetSuite, the business management software that handles |
| 0:13.7 | every aspect of your business in an easy-to-use cloud platform. |
| 0:18.0 | Over 28,000 businesses already used NetSuite, head to netsuite.com slash gold for a special |
| 0:24.3 | one-of-a-kind financing offer. |
| 0:26.5 | Today's podcast is also sponsored by Avast. |
| 0:29.3 | Avast. |
| 0:30.3 | New all-in-one software, Avast.1, helps you take control of your safety and privacy |
| 0:34.8 | online through a range of business features. |
| 0:37.5 | You can learn more about Avast.1 at Avast.com. |
| 0:41.2 | Today the Federal Reserve finally delivered the most highly anticipated and probably the most |
| 0:48.4 | absolutely meaningless 25 basis point rate hike in its history. |
| 0:54.8 | At one point, there were some people who thought that maybe Powell would lift off with |
| 1:00.3 | a 50 basis point hike, but Powell pretty much threw cold water on that during his semi-annual |
| 1:07.6 | congressional testimony where he came out and said that he was prepared to raise rates |
| 1:13.3 | by 50 basis points. |
| 1:14.6 | Now, the decision to raise by just 25 wasn't unanimous. |
| 1:19.2 | There was one lone holdout, Bullard, who wanted to go the full 50 basis points, but even |
| 1:25.6 | 50 basis points would be too little too late to do anything to derail this juggernaut |
| 1:32.0 | of inflation that has already been unleashed. |
| 1:36.1 | And I think the reason that Powell even was able to move by 25 basis points is because |
| 1:42.1 | the markets had pretty much given him the green light for that increase. |
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