Wall Street Begins to Question Fed’s Narrative – Ep. 88
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 15 June 2015
⏱️ 20 minutes
🧾️ Download transcript
Summary
* Dow under pressure on the back of EU talks with Greece
* There is a lot of room for the market to decline pending the Fed's announcements
* The consensus is that rates will hike September or later
* If Fed does not rates in September, Election year next year might also put off rate hikes
* Bloomberg article quotes B of A hinting that additional stimulus would further damage the economy
* B of A admits this risk has been getting the least amount of attention
* Empire State Manufacturing Index missed 5.9 forecast - came in at -1.98
* May Industrial Production expected +.2 - came in at -.2
* Capacity Utilization dropped 78.3 to 78.1
* Manufacturing down .2
* Industrial Production has been negative for 4 of the last 6 months
* Currency markets still believe Fed will raise rates
* Consumer spending was up in May because of rise in gas prices
* Weekly Jobless claims saw a slight uptick - exceeded forecast
* Bloomberg Consumer Comfort Index continues to decline
* Listener's Questions, Peter's Answers to resume on this podcast
* Submit your questions on schiffradio.com
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.8 | It was a pretty quiet week on the economic front last week, but it was a busy week for |
| 0:14.1 | me, which is why I didn't get around to recording any of these podcasts, but I wanted to get |
| 0:18.4 | one first thing Monday morning. |
| 0:21.0 | The Dow is under some pressure. |
| 0:22.6 | We're down about 170 points as I am recording. |
| 0:26.1 | That's on the back of a breakdown in European talks with Greece over the weekend. |
| 0:31.1 | The European board says, very weak. |
| 0:33.3 | This is the lowest I've seen the Dow since early May. |
| 0:38.6 | We're 17,730-ish. |
| 0:42.4 | We were above 18,000. |
| 0:44.1 | Not too long ago. |
| 0:45.1 | We're just about flat. |
| 0:46.1 | We're down maybe close to 100 points on the year. |
| 0:50.6 | There is a lot of room for the market to decline as long as Fed QE rate hikes or Fed |
| 0:58.9 | rate hikes are on the table. |
| 1:01.2 | The Fed is going to be meeting its open market meeting begins tomorrow. |
| 1:06.4 | It ends on Wednesday. |
| 1:07.7 | We get the announcement. |
| 1:09.5 | For a long time, everybody thought June was when the Fed was going to announce their |
| 1:13.2 | first rate hike. |
| 1:14.2 | Although I think when you began, people were divided between whether they would hike in |
... |
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