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Good afternoon everyone and a happy Friday. My name is Andreas Dean from Real Vision and I want to

be welcome to the Real Vision daily briefing. Today we are going to ask the question whether it

is too early to signal a pivot, especially in light of the non-farm payroll report we received

earlier today. But before we get to the show, I just have a quick word from our CEO Rowell.

Until Sunday you get a 3 30 day trial for Real Vision essential and you can find the

URL in the description below on YouTube and in the description below on the podcast app

that you're using. It's a free trial for Real Vision essential until Sunday. So go make use of that.

But I want to welcome my guest for the next 30 minutes, a great guy, which I've known for a while.

So welcome to the show, Jim Carson, the managing partner and CIO of cable activity advisors.

Thanks for having me, Andreas. Wonderful to be here.

Is it too early to signal a pivot? I obviously refer to Jay Powell's speech earlier this week.

So let's take that question first. Is it too early to pivot, Jim?

That's a more complicated question than is it earlier late?

The reality is, in my view, the Fed can only control cyclical inflation, right?

So they're actually by lowering, you know, by increasing interest rates.

They're actually in many ways exacerbating structural long-term inflation.

We've talked about this before, but, you know, low interest rates drove the disinflation we've seen for the last 40 years.

And increasing interest rates structurally will do the opposite. It will actually exacerbate inflation.

...