Wednesday - January 28, 2026
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 569 Ratings
🗓️ 28 January 2026
⏱️ 6 minutes
🧾️ Download transcript
Summary
In this episode of Dividend Cafe, Brian Szytel discusses a relatively quiet market day despite the conclusion of the Federal Reserve's two-day meeting, where interest rates were left unchanged. He highlights the minor movements in stock indices and bond markets, along with a significant rally in precious metals. Szytel also shares David Malpas's critique of the Fed's policies as published in the Wall Street Journal, arguing that growth is not inherently inflationary. Additionally, the episode explores the effects of the dollar's decline on exports, emerging markets, commodities, and the potential longer-term implications for capital flight if the trend continues. Listeners are encouraged to reach out with questions and stay tuned for further insights on market reactions and upcoming economic data.
00:00 Introduction and Market Overview
00:18 Fed Meeting and Interest Rates
01:08 Economic Commentary and Critique
02:20 Dollar Value and Market Impact
04:05 Conclusion and Upcoming Topics
Links mentioned in this episode: DividendCafe.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.2 | Welcome back to Dividend Cafe this Wednesday, January the 28th, Brian Saitel with you here. |
| 0:18.8 | On a fairly quiet day, actually, overall in the stock indices and actually |
| 0:22.3 | the bond market as well, precious metals rallied significantly on the day. But other than that, |
| 0:27.7 | it was a fairly quiet day. And it was actually a little surprising because most of the time when it's |
| 0:33.2 | quote Fed day, where the Fed has ended a two-day meeting and then set rates the same higher or lower, |
| 0:38.9 | you end up getting market gyrations, but we really didn't see that today at all. They left the Fed |
| 0:43.2 | rate unchanged. So FOMC for the January meeting that ended today, left interest rates at three |
| 0:48.4 | and a half to three 75. The press conference after that was also fairly uneventful. Markets ended up closing slightly to the |
| 0:57.1 | upside. The Dow ended up flat. It was up 12 points. S&P was completely flat. NASDAQ was up 15 basis |
| 1:03.7 | points. And then treasuries were up about a basis point, really not much of a move. And that was the |
| 1:08.0 | main piece of economic news for what the Fed has. Of the voting |
| 1:10.9 | members, there were two dissents. It was Mirren and Waller. Everyone else was unanimous to keep rates |
| 1:17.1 | unchanged. David Malpass was the former head of the World Bank, Treasury Department, Undersecretary |
| 1:22.9 | for multiple different presidents and just a great economist wrote an op-ed in the Wall Street |
| 1:27.0 | Journal and was criticizing the Fed's assumption that growth itself is inflationary. We don't feel that it's |
| 1:32.0 | true that can be correlated sometimes and then non-correlated at other times. You can have a high-growth |
| 1:37.8 | economy or a growing economy in a very low inflationary environment. We've seen that for a decade |
| 1:42.2 | or so following the financial crisis. But the comments in there, the growth is not inflationary,. We've seen that for a decade or so following the financial crisis. But the |
| 1:45.5 | comments in there that growth is not inflationary, the quantitative easing is in fact distortive, |
| 1:50.1 | and that the dollar needs to be defended are just all things that three out of three that we |
| 1:53.6 | wholeheartedly believe in. I think it's the right way to do it. And his critique of the Fed, I think, |
... |
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