Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Powell Pause for the Masses: Fed Chair Talks to 60 Minutes

  by    0   0

Federal Reserve Chairman Jerome Powell took his dovish message to the masses during a recent 60 Minutes interview.

Powell continued to talk about “patience” and reiterated that the Fed “does not feel any hurry” to push rates any higher. He also said the interest rate is “roughly neutral” at this point, calling the current 2.25-2.5% rate “appropriate.”

Powell continued to say the US economy is generally strong and emphasized the shift in monetary policy is primarily due to a slowing global economy.

Peter Schiff has noted on a number of occasions that this Powell Pause is really about rescuing the stock market. After all, what else has really changed since last September?

The only difference is the market hadn’t completely collapsed. In fact, at the last meeting, the Fed was not only not patient, they were hiking rates. They were interested in hiking rates more. But they have the quantitative tightening program, the shrinking of the balance sheet that was on autopilot. Why did they take it off autopilot? And not only did they take it off autopilot, but why are they saying they are going to wind it down so that we finish the reduction this year? ,,, Well, the only thing that changed is the stock market. They clearly came to the rescue of the stock market.”

Powell covered a number of other subjects during the 60 Minutes’ interview and made some questionable claims. He said, “our system is vastly more resilient and strong than it was before the financial crisis,” and that while we have not “repealed the business cycle,” … “I would say there’s no reason why this economy cannot continue to expand.”

Powell seems utterly oblivious to the fact that it is the very Fed policies he continues to promote that cause the business cycle.

As Peter has been saying, we are going down the exact same path we went down prior to the 2008 crash. In a recent debate with Louis Navellier, Peter reiterated that he thinks the Fed will be forced to cut rates and eventually relaunch quantitative easing. But this time around, it’s not going to work like it did in 2001 and 2008. It won’t be able to reinflate the bubbles.

I don’t think it’s going to be third time’s a charm. I think it’s going to be three strikes you’re out. I think when the Fed goes back to zero and goes back to quantitative easing, I think the bottom is going to drop out of the dollar, and that’s going to lead to a currency crisis and a sovereign debt crisis that’s going to be much worse than the financial crisis we had in ‘o8.”

Powell also touched on the notion that Trump could fire him, saying, “The law is clear that I have a four-year term, and I fully intend to serve it.”

You can watch the whole interview HERE.

Gold IRA Rollover to 401k

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Gold Hits New All-Time Record High

Gold hit a new all-time nominal high, surpassing the previous record set in December of the previous year. The precious metal’s price reached approximately $2,140, indicating a robust and continuing interest in gold as a safe-haven asset, despite a rather peculiar lack of fanfare from the media and retail investors. This latest peak in gold […]

READ MORE →

Is a Weak Yen Feeding the Global Gold Bull?

The gold price has been surging, with unprecedented central bank demand gobbling up supply. It has been a force to behold — especially as US monetary policy has been relatively tight since 2022, and 10-year Treasury yields have rocketed up, which generally puts firm downward pressure on gold against USD. 

READ MORE →

World Gold Council: “Blistering Central Bank Buying” Fuels Strong Gold Demand

Total gold demand hit an all-time high in 2023, according to a recent report released by the World Gold Council. Last week, the World Gold Council (WGC) released its Gold Demand Trends report, which tracks developments in the demand for and use of gold around the world. Excluding over-the-counter (OTC) trade, 2023 gold demand fell slightly from 2022 […]

READ MORE →

VIX – The Calm Before the Storm

The VIX, often referred to as ‘Wall Street’s fear gauge,‘ is currently portraying a sense of calm among investors, registering well below the 20 level. 

READ MORE →

Four States Consider Lifting Taxes on Precious Metals

Citizens of Georgia, Kentucky, Wisconsin, and Kansas may soon enjoy lower taxes on precious metals if recently introduced pro-metal bills are made law in 2024.

READ MORE →

Comments are closed.

Call Now