With Joe Biden in the White House and Democrats controlling both houses of Congress, it seems pretty certain we’re going to get a federal $15 an hour minimum wage. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey discusses the economic ramifications of minimum wage laws. Hint — they are not good. He also talks about Fed Chair Jerome Powell’s comments this week and why they should make you even more bullish on gold.
If you follow the markets at all, you’ve heard about the big surge in GameStop stock driven at least in part by retail investors informed by social media. Now the Reddit investors have turned their eyes to silver. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the GameStop phenomenon and argues that there are good reasons to be bullish on silver – not just the attention of the Reddit crowd. He also touches on this week’s Fed meeting and gold demand dynamics.
The Federal Reserve played the same tune during its first Open Market Committee meeting of the year, but the partygoers on Wall Street didn’t dance. In his podcast, Peter Schiff talked about Jerome Powell’s post-meeting press conference and said the Fed chair is “completely clueless” to the true nature of the problems facing the economy. And so is the mainstream.
The Federal Reserve held its last meeting of the year this week. There were no big surprises policy-wise. But Jerome Powell and company made it clear that the easy-money spigot will remain wide open pumping trillions of dollars created out of thin air into the economy. In this episode of the Friday Gold Wrap podcast, Mike Maharrey talks about the Fed meeting and the ramifications of its monetary policy.
The Federal Reserve wrapped up another FOMC meeting this week. The central bank delivered pretty much what was expected. The easy money will continue to flow unabated. But it looks like what is expected is no longer enough. The addict wants even more of the monetary drug. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed meeting and the market reaction.
Last month, the Federal Reserve moved its inflation goalposts. Is it setting us up for a return to the inflation of the 1970s?
During a speech at Jackson Hole, Federal Reserve Chairman Jerome Powell announced new policy guidance for how it addresses price inflation. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In practice, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level. In effect, the central bank now has an excuse to let inflation run hot.
The Fed has moved the inflation goalposts.
The central bank will no longer focus on keeping a lid on inflation. In his podcast, Peter Schiff said this policy will simply speed up the destruction of the dollar and the economy.
Jerome Powell announced the new policy during his speech in Jackson Hole last Thursday. In the past, the central bank has targeted a 2% inflation rate as measured by CPI. Now it will shift to “average inflation targeting.” In effect, the Fed will allow the CPI to run “moderately” over 2% “for some time” to balance out periods where it runs under that level.
After the June Federal Open Market Committee (FOMC) meeting, Fed Chair Jerome Powell committed to “do whatever we can, for as long as it takes.”
Nothing has changed — the July meeting was rewind and replay.
Don’t expect the Federal Reserve to pull back on its monetary Hail Mary anytime soon.
The central bank released the minutes from the June meeting yesterday. There were no big surprises, but they did reaffirm the Fed’s commitment to continuing its unprecedented monetary policy into the foreseeable future.
Jerome Powell ventured to Capitol Hill – virtually – to talk to Congress this week. Powell did what he does best – blew a lot of smoke. Meanwhile, the central bank upped its stimulus ante yet again. In this episode of the Friday Gold Wrap podcast, host Mike Maharry talks about the impact the Fed is having on the economy, along with the news of the week in the gold market.