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Peter’s Podcast

POSTED ON May 6, 2019  - POSTED IN Peter's Podcast

April’s jobs report came out better than expected. According to the Labor Department, the economy added 263,000 jobs last month. That came in well above the expectation of 180,000 jobs. The unemployment rate dropped to 3.6%, the lowest level since December 1969.

But in his most recent podcast, Peter Schiff said the job headlines actually mask the real story.

POSTED ON May 2, 2019  - POSTED IN Peter's Podcast

The Federal Reserve Open Market Committee meeting wrapped up yesterday with Fed policy still in neutral.

As expected, the FOMC left interest rates unchanged and seemed to indicate it doesn’t plan to do anything at all in the near-term. Jerome Powell’s comments dampened expectations that the central bank might move to cut rates in the coming months.

The committee is comfortable with current policy stance. Don’t see a strong case for a rate move either way.”

Most took Powell’s comments to be less dovish than expected, but Peter Schiff said he thinks the Fed is a lot more dovish than it admits.

POSTED ON April 29, 2019  - POSTED IN Peter's Podcast

The Commerce Department released the first estimate of Q1 GDP growth on Friday. It came in higher than expected at 3.2%.

Somewhat surprisingly, the price of gold rose on the news and the dollar showed some weakness. The primary reason was presumably lower inflation. This means the Fed still has the excuse it needs to continue the Powell Pause.

There was also some data in the Commerce Department’s report that reveals shakiness in that growth number. In fact, Peter Schiff said he thinks this will likely be the strongest growth of the year.

POSTED ON April 17, 2019  - POSTED IN Peter's Podcast

We got more signs that the economy is slowing down this week. And yet pundits and policymakers keep insisting everything is great.

In his latest podcast, Peter Schiff says he thinks people like Donald Trump and Larry Kudlow know deep down that things aren’t that great, but they want to keep kicking the can down the road for political reasons.

POSTED ON April 15, 2019  - POSTED IN Peter's Podcast

In his most recent podcast, Peter Schiff talked about recent Congressional hearings that featured Rep. Maxine Waters scolding bankers for creating the student debt crisis, ignoring the fact that the student loan program was nationalized a decade ago.

Peter described it as the political theater of the absurd.

POSTED ON April 8, 2019  - POSTED IN Peter's Podcast

The “Powell Pause” is not enough. President Donald Trump not only wants interest rates cuts; he wants to put quantitative easing back in play.

During an interview Friday, the president once again complained about the Fed’s 2018 interest rate increases, saying “they really slowed us down.” Trump wants stimulus and called on the Fed to resume Obama era QE.

POSTED ON April 1, 2019  - POSTED IN Peter's Podcast

The Dow Jones closed out Q1 2019 with its best quarterly gain since 1998, rising 10.3% through the first three months of the year. And the Dow Jones wasn’t alone in its bang-up first quarter. The S&P 500 rose 12.3%. The Russell 2000 was up 13.8%. And the Nasdaq led the entire pack with a 15.6% gain.

As Peter Schiff said in his latest podcast, the entire rally was a gift from the Federal Reserve.

POSTED ON March 27, 2019  - POSTED IN Peter's Podcast

During its FOMC meeting last week, the Federal Reserve took 2019 rate cuts completely off the table. It said it will freeze bond sales from its $3.8 trillion balance sheet later this autumn. In other words, balance sheet normalization is pretty much a done deal. Peter Schiff has predicted this would happen. He said from the beginning if and when the Fed tried to normalize rate, it would have to abort the process.

And here we are.

But as Peter explained in his most recent podcast, the Fed still isn’t being honest about why it’s done a monetary policy 180. It’s making excuses.

POSTED ON March 21, 2019  - POSTED IN Peter's Podcast

There’s that word again — patient.

Jerome Powell once again emphasized patience during the most recent FOMC meeting. The Federal Reserve left interest rates unchanged and took any hikes for 2019 off the table. It went a step further and projected just one rate hike in 2020.

During his most recent podcast, Peter Schiff said most people expected a dovish Fed, “But I don’t think they were expecting the Fed to be this dovish.”

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