Jerome Powell’s biggest Fed mistake?

Yahoo Finance Video

Wed, February 25, 2026 at 8:00 PM GMT+9

You can catch Trader Talk on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.

Did Jerome Powell misjudge inflation and cost the economy precious time? On Trader Talk, host Kenny Polcari sits down with Lou Basenese, Mark Malek, and Mike Lee to debate Powell’s transitory inflation call, whether the Fed acted too late, and how history will judge his legacy. The panel also breaks down what a Kevin Warsh Fed could mean for interest rate cuts, balance sheet policy, and market volatility.

Trader Talk with Kenny Polcari on Yahoo Finance delivers expert analysis and actionable insights, empowering you to navigate market volatility and secure your financial future.

This post was written by Langston Sessoms.

Video Transcript

0:05 spk_0

Gentlemen, welcome to the table. I appreciate you taking the time. I look forward to, I look forward to the conversation, because we got a lot to talk about tonight.We hope so. But, well, we do. And I’m gonna start with actually a question from, uh, from a listener, Greg from Nebraska, and I wanna start this, get, get everyone’s opinion on it. Is it better to trade a little bit every day, or should you really wait patiently for the big setup? Good, Lou, I know you’re dying to

0:32 spk_1

jumping. It’s like drinking. Just wait for the big setup. Just have one good trade. Now, I, I, I think you turn your account if you trade every day. It just keeps you busy. I’ve never seen a day trader that’s super successful and can retire.Maybe I’m wrong though.

0:44 spk_2

I agree 100%. I mean, I’m a, I’m a buy and hold kind of guy. I, you know, I, you know what I like to say? I like to say slow is the new fast, right? You know, because there’s so many times like you’re watching the markets, you see something happen and the stock has a crazy reaction.And you’re thinking I should be doing something. I should be doing something, and then you have to tell yourself I should be doing nothing. Let’s see how the markets, you work and 9 out of 10 times, it’ll, it’ll correct itself, but

1:09 spk_0

that’s hard to do, right? If somebody wants to trade, that’s hard to do. Yeah, ask Mike.

1:13 spk_1

He trades Palantir every day and Tesla.

1:15 spk_0

Do you? No,

1:17 spk_3

no. Well, like,

1:19 spk_0

look, Corey,

1:19 spk_3

look, if you can, if, if you can consistently make money on trading every day, God bless you. There are like a very few people in the world that can do that, but if you’re one of them, awesome. You know, I prefer to come up with a thesis like you need an entry, like an entry plan and an exit plan, and you stick tothat.

1:35 spk_0

I, I, I think it depends on who you are, who your personality is, right? If you’re a day trader type, then you want to do something every day. You want the market to be anxious, you want the market to be volatile because that’s what you live on.That’s not how I live.

1:46 spk_1

But can you live on? I mean, I guess that is, there’s got to be studies out there that show for the everyday investor, day trading is not the path to wealth accumulation. It’s the path to just anxiety and enough to keep doing

1:58 spk_0

what you’re doing. OK. I, I think that’s true. I mean, I think that’s right. I mean, I don’t think day trading is the way to, to creating generational wealth. Maybe I’m wrong.

2:06 spk_2

Look, I learned the hard way, you know what I’m saying? I went down.That path many times, sure that I found the right way to do this, systematic trading, programming, everything. I got to this point because I lost a lot of money. Believe me, believe me, it was hard, it was a hard-earned education, but I learned that honestly, at this stage, certainly in my career, which obviously didn’t start yesterday, um, that, uh, you know, that, that’s the move and it’s been working for me. And even.Through the most volatile markets, that tends to work. I mean you still have to have your thesis to know why you’re buying. You have to check yourself, make sure that it’s still holding, but at the end of the day, in and out, in and out, it’s not working. And

2:44 spk_0

you gottahave a strong stomach because to your point, during those times when there’s a cycle and it looks like everything is a disaster and oh my God, oh my God, you have to have confidence enough in yourself that you’ve done your work, you’ve done your homework, you know what the thesis is, andThis drawdown has got nothing to do with the individual

2:59 spk_1

name. Yeah, and you get tested. I mean, look at the software as the service stocks right now like App loving and names like that. They’re Snowflake, they’re down 30%, 40, 50% year to date, and then all of a sudden bounce back 20, 30% day,

3:10 spk_0

and they bounce back viciously because they got way oversold. It’s like I always say, the pendulum swings too far to the left and it swings too far to the right, right? So they get way oversold, and then we have that reaction like we had and suddenly you turn around and go, happened,

3:21 spk_2

you know. Yeah, but you know, if you’re buying stocks that you’re expecting to earn 25% on.Then you got to be prepared to take the, to take the violent swings. I mean, that’s, that’s, you know, basic, not theory, that’s law and finance. A lot of people just don’tknow that.

3:36 spk_0

No, because if you’re buying Verizon, you’re not expecting to make 150% because it’s not gonna, it’s not gonna.It’s not gonna, it’s not gonna make 150% every year. The best steady and just consistent.

3:46 spk_1

Yeah, the best piece I ever read on this was from Morgan Housell years ago on the agony of high returns. It was tracking the best performing stock was Monster Beverage, if you can believe it. It was up 10,963%, but it had 7 or 8 drawdowns of over 50%, 2 drawdowns of over 80%. So like the volatility.The be buy hold is not any, it doesn’t mean it, it’s, you know, easy returns either, but day trading, I think you

4:10 spk_2

just say, but you just have to recognize that the, the volatility is always gonna be commensurate with what you’re expecting. I mean, I know that Monster Beverage trade because I think I, I wrote it for the last 3%.I don’t know where it went after that. Uh, it’s out of my memory,

4:25 spk_1

but you know, Morgan made 10,000%. I made 3%. It’s all good.

4:28 spk_2

I took that last 3% ride.

4:31 spk_0

All right, so listen, we went through this whole drama about, uh, Trump and the Fed and who’s gonna be the new Fed chair, and there was Hassett, and there was Warsh, and there was Ricky Rieder, who, by the way, on Calci, I bet on Ricky Rieder. I really thought it was gonna be Ricky Rita.I lost that bet, but one way or the other, because see, there I was, I was day trading, right? But, uh, yeah, I lost that bet on Ricky Reed. One way or the other. Warsh is here now, right? That’s the name. So at least we know the name and so now it’s the process, right? Is it gonna be confirmed? Sure, he’s gonna be confirmed. All the drama that it’ll come to be. So let’s just talk about what’s gonna be the Powell legacy. What are people, what, what, what do people, what’s the story that’s gonna be written about Powell consideringWhere we are today, where we were when he came in, and the whole drama of the Powell, of Powell chairmanship.

5:14 spk_1

Got it wrong on the front and maybe you got it right on the back. I mean, he’s gonna go down in history as saying that inflation was transitory and then all of a sudden it was persistent. I, I don’t think right now it’s political theater. It’s not economic policy or Fed policy. I think he can’t change that

5:29 spk_0

legacy. Yeah, I, I don’t think he can either.

5:31 spk_2

You know, I think that he has, in my mind, he is a master of saying nothing. And I think that, you know, honestly, to do that job, you have to be really, really good at that, right? He, that guy does not show, he’s actually probably gonna become a professional poker player for his next career because honestly, there’s so many times where, you know, after one of these, uh, one of these pressers,We’re all sitting here, we’re, we’re like staring at it like, what did he say? Did he say anything that I can write about tomorrow? I’m like, no, maybe he said this or maybe he like kind of made a movement with his eyebrow, but look, he’s, he’s data dependent, uh, which means he’s driving his car looking in the rearview mirror. And so

6:06 spk_1

I’m thinking sometimes unless it’s about tariffs, then he’s looking out the front windshield going.Inflation’s coming, I swear it’s, I see it,

6:13 spk_2

but it’s not. I agree with you, and, and that’s what always bugged me. Like they, they could be forward-looking at certain points, but, but for the most part they’re always backward-looking, and I think that’s where they get it wrong, honestly.

6:22 spk_1

This guy’s dialed into the political side, so I’m gonna, I’m gonna be curious to hear what he has. So,

6:27 spk_3

you know, history is, history is written by the victors, right? So his legacy, it depends who’s writing the history. So if it’s somebody that, um, somebody that hates Trump, they’re gonna talk about it as like a,You know, a smart guy who’s carefully thought out inflation and craftless policy, and then you have somebody that likes Trump who’s like, well, this guy’s the worst ever. And like.And I, I, I have to say, I’m in the latter because like your job is to keep inflation down. And so in the spring of 2021, we’re getting 9% inflation prints and we’re still expanding the balance sheet by $50 or $60 billion a month with 0% interest rates. So like this inflation is washing in your face and you’relike,

7:07 spk_0

well, but wait, could he, could he really have been that blind? I mean, uh, because you’re right, we all lived it. We’re all sitting here when he, when he’s saying it’s transitory, we’re all going, no, it isn’t.Well, even, even the guy in the street was saying no, it isn’t. So, but he kept telling everyone it was. Could he have been that blind,

7:22 spk_3

honestly? Well, so he wasn’t managing to control inflation. He was managing to control the S&P 500, right? And so had he come out and raised 100

7:30 spk_0

basis points, I didn’t know that was a mandate for the Fed to control the S&P 500.

7:33 spk_3

Well, that’s the unwritten.

7:34 spk_0

That’s the third

7:35 spk_3

mandate. Well, it’s, and so, um, like he, he should have been way more aggressive on the front end with.The balance sheet and inflation and we probably would have gone into a recession, but we’d be in much better shape for it now. And so, um, so that that’s and like for him to say they’re like nonpartisan and non-political when you can make these comments about tariffs and about student loans and it’s like, it becomes clear that it’s like very fashionable in Washington to just be against whatever Trump is for, rightly or wrongly, and like, look, he’s like I’m a Trump supporter, but like it doesn’t mean he gets everything, right. And so,Um, but if, if you’re, if you’re against everything just because he said it, you’re probably wrong half the time at least, right? So that, like, I, I think his legacy, it, it will be coated over and sugarcoated, but the policy decisions he made starting in late 2020 when we were past the second stimulus, the second stimulus came across in December, and the third came across in the spring. And between those two, that was like $5 trillion that was coming into the economy.Economy, it’s like, well, we think it’s transitory. It was helicopter money. It took us to, like, it was, and like he couldn’t stop that, but he could control interest rate policy. And remember, he

8:48 spk_1

could try, but like it brings up the question for Wash though, right? Like he said that he’s gonna do what it sounds like the president wants. I, I’m curious what you guys think. I think you get in that job and go, oh crap, this is a lot harder than itis

8:58 spk_0

100%.

9:00 spk_1

I thinkthat’s what I promised the president on my, you know, potential interviews to be the Fed president.And now I’ve got to backtrack on that and really

9:06 spk_2

look. I think that happens every time. I think that happens every time with, with every new, every turn, every turnover. Yeah, but so let

9:12 spk_0

me ask you a question, because then the speculation was, yes, it’s gonna be difficult, can’t do it, but if he starts to shrink the balance sheet, then he can justify cutting rates because one will offset the other, right? Now, if you, if they do it in unison and they do it slowly, you could do it, but if they do, if it doesn’t happen in unison, you could, you could create.You know, a credit crisis, if you start to shrink it too quick, because that’s what they’ll be worried about, and then you’ll have to play catch up with the rates. But I do think if they do it in unison and they do it correctly, that they could potentially do it. So therefore, Trump is gonna get the lower rates that he wants. Are we gonna get

9:46 spk_1

15% growth? That’s

9:47 spk_0

my question. Well, I

9:49 spk_2

wait, can I say something controversial.Please, please, you know, I, I’m gonna say something controversial, um.The question is, is could have, uh, could Powell really have affected.The question is how effective is the Fed with inflation, especially if it’s supply push inflation, because remember that last bout of inflation really came from the supply side, right? So how can raising or lowering interest rates have affected that in any possible way? The Fed is, I think he probably found himself in a place where, oh, our tools are kind of useless against this at this point.

10:27 spk_3

I’ll I’ll just say like he wanted to get confirmed again.And he gave the policy he needed to give to get confirmed again. And so you lost 6 months of tightening and you tightened too slow into the in the worst inflation in 40 years. Like it, it’s, um, you know, there’s like a great Twitter account, uh, you had one job. Like his one job is to control inflation and he didn’t. So like, why would anybody say anything else?

10:50 spk_2

Well, I will also say I wanted just a follow-up to that, which is that I think the messaging is really important.Necessarily the interest rates. OK, so if the messaging is, is that you don’t care, then it’s gonna affect, it’s gonna affect consumers. Consumers,

11:03 spk_1

I think you’re right, the messaging is even more important than the interest rates because look at the 25 basis point extra cut here or extra hike there, it’s not gonna have that much of an impact, but

11:12 spk_0

like it’sthat precise a full percentage point at the time when, when he should have, he had to make a, he had to make a dramaticmove

11:18 spk_2

which messaging at the time was easy money, easy money.Easy money. So, hey, you know, you want a new dishwasher, go out and buy it. Oh, it’s $5000 not $3000 because there are none of them here in this country at the time. I’ll take it for $5000. New car, I’ll take it. I don’t care what the price is. Easy money. And that was the messaging that we were getting. So I

11:37 spk_1

think Mike is right

11:38 spk_2

though.

11:38 spk_1

It depends on who’s writing history. I mean, if I’m writing it, I thought he looks like Mr. Magoo, and he acted in those ways as well. I mean, it was his policy was just not consistent. You said it was.He would say he’s data dependent and then he comes out one time and he’s looking at different data than the time before and then there you’re trying to read the.

11:54 spk_3

Yes, it’s whack amole. But so, so Yellen did the same thing. I was just gonna say like, you know, her number one thing that she was looking at was jolts, and then the jolts number went from like 2 million to 4 million over the course of a few months and then she never brought it up again, right,

12:09 spk_0

right. But she, but she did say that she was, she was parroting him saying, oh, it’s.Just transitory. How many times did she

12:15 spk_3

say it? Oh, I, I meant when she was Fed chair, right? When, when, when she was Fed chair. But see, so,

12:21 spk_1

but who’s a Fed chair that anyone adored? Greenspan, maybe, but there’s a whole segment historically,

12:26 spk_2

historically, we probably like him, but at the time we probably didn’t, you know what I’m saying?

12:30 spk_3

It’sthe most thankless job looking at what Warsh is gonna do and like our friend, I think we all know Catherine Rooney Vera, chief finan, uh, chief fixed income strategist, uh, for Stone X, a huge.Bond broker, um, long 8 paragraph, like he is, he, he wants lower rates and he wants less Fed involvement in markets. So, so if you shrink the balance sheet, but you simultaneously take capital requirements down, reduce regulation, change all the tier one capital, it, it, it becomes a net wash and you let banks do what banks do, which is take risks, right, which, which is a, you know, it’s a four-letter word because we can’t say that.The government created the subprime mortgage, owned 70% of them through Fannie and Freddie in 2008. We have to blame the banks. Can’t blame the government. And if banks can actually go out and lend and we stop paying it, you know, and we stop paying interest on excess reserves, which is just a waste of money, it’s, it’s like a taxpayer-funded subsidy to Jamie Dimon and his jets, right? Like, if you kind of get back to where we were pre-2008, like this economy can really crank.So if you look at growth, like, again, uh, I would love it if we had 15% growth. I, I’d take the, I’d take the under on Cal Sheen.Like I, I, I think, I think I’m with that, but you, you can becausehe’s

13:52 spk_1

secretly a day trader. He’s now just made

13:54 spk_3

two

13:54 spk_1

day

13:54 spk_3

trades. But,but, but that, that, that AI infrastructure combined, so they just did away with the endangerment finding, right? So that was uh, in, in 3 months they did a study in the Obama administration which gave the EPA the ability to regulate, uh, greenhouse gasses. OK. That’s done.So, you know, Heritage says it’s $1 trillion a year of annual cost, OK, plus all the environmental regulations the Biden administration put in or another $300 billion annually in regulatory costs. Well, that’s gonna take its time to work its way through the system, but you combine that with the tariff structure, the immediate depreciation from the big beautiful bill, the entrance of artificial intelligence, robotics, and now lower interest rates. What does it do

14:32 spk_1

to the labor markets, right? This is a big argument here because that’s the other side. It’s not just interest rates.

14:36 spk_2

Am I the only guy at this table worried? I’m not thinking 15%. I’m thinking, is the labor market going survive, because I’m seeing a very, very weak labor market right now, and I’m thinking that has to be triaged with lower rates. OK, well, where are you

14:48 spk_0

messaging? Where are you seeing the weak

14:50 spk_1

labor market? Small businesses in particular, you’re looking at job openings that are not there, and then you’re starting to see, particularly in niche fields that were highly specialized, AI taking over. So IP litigation and patent drafting, uh, you get into.SEC legal fees, right? You don’t need 19 different SEC attorneys to write S1forms

15:09 spk_2

happening. Just think about how much more we can get done in a day today than than a year ago. So

15:14 spk_1

I think youhave the, the tricky thing for the for Wash, which I say that and I always think I’m hearing my mom speak from North Jersey. I gotta go do the wash, not, you know, that’s his last name. Um, the tricky thing for him is how do you manage the labor market because you’re gonna get productivity gains that hold back hiring until we figure out where that.equilibrium is, yes, every technological disruption has created more jobs eventually, but in the near term it,

15:37 spk_2

it disrupts. It’s, it’s a transition. It’s, it’s gonna be a day, it’s gonna be an ugly transition, but I’m seeing it in the numbers. I mean, am I the only guy seeing the numbers? I mean, you watch the, uh, that ADP NER pulse like that comes out now once a week. Now I know it’s ADP. I know it’s not official, but look, those guys actually ADP,

15:53 spk_0

right? ADP touches a big part of the just,

15:55 spk_2

just look at the trend. I just look at the trend.Right. And if you see the trend, the trend is pretty telling on what you, you can expect, you know, from the, the,

16:02 spk_1

there’s a lot of noise in the signals, and you’re just

16:04 spk_2

seeing these, these are like paltry numbers that keep coming out.

16:07 spk_0

All right. So when you see on tomorrow, Wednesday, you’re gonna get the NFP report, unemployment is expected to be 4.4%. So it’s not showing up inthe

16:15 spk_1

NFL. Well, but then you got to factor in labor participation rate, right? I mean, that’s not the, the full picture of unemployment, right? I mean, if you look, if we go back to 2022, we’re adding about 330.150,000 jobs on average a month. We’re down to like 50, below 50,000. So there’s, there’s, there’s true labor weakness. I don’t know what the, the, the, the exit transition is, how it sorts itself out, but I think that’s what the next Fed president’s gonna have to figureout.

16:38 spk_2

Look, you know, the economy is not like a, an F1 race car, you know, like you, you can’t turn on a dime with this thing. So when you start to see the labor market falling apart, it’s not like you can just suddenly say, oh, sorry, you know, we’ll cut 25 basis points and.Fixes the problem. It’s gonna, you’re gonna have to be aggressive. The messaging has got to be consistent. I mean, even if he’s not cutting rates, it’s got to be consistent messaging. OK,

17:00 spk_0

but to this point, even if they cut rates, to your point, how’s it gonna solve? How’s it gonna, how’s it gonna fix the labor market problem?

17:05 spk_1

It’sgonna slowly start to make it more attractive for small businesses to expand and keep hiring, create new jobs, bring in someone that has, uh, skills in AI that can help a small business run just like what we’re doing.We’re, we’re figuring that out. We’re our own labs of innovation, figuring out how in our personal productivity we can use AI, but that can be transferred to small businesses that don’t have any. You’re running a local bakery or butcher shop or our favorite, the pizzeria. You’re not thinking about AI right now, but a new grad or a young, you know, mid-twenties, someone that has just grown up with it, they can come in and optimize your business, create the margin to justify their expense. So I think you’re gonna get new job creation. I just think it’s gonna be messy.

17:45 spk_2

I mean, there’s another side to that too. It’s funny you brought up Pizzeria. Um, what is this company? It’s like, it’s called SoundCloud or something like that. So, so these guys, they, they make these, uh, you know, they make these interesting AI tools, but I think it was, was it Papa John’s or one of the, no, it was Jersey Mike’s that was using them to increase the total ticket sale. When people would call and they’d order a pizza, it would recognize it and they’d say, oh, would you like?Like to get SoundCloud

18:12 spk_0

was that was actually

18:13 spk_1

I interviewed, yeah, I interviewed the CEO a long time ago. He was studying large language models at Stanford 1718 years ago, and now they’re the leading AI voice integration

18:23 spk_2

tool. Yeah. So look, the truth is that they still have the dumb kids taking the, the orders, you know, that, that you stare at them when you go into the shop that they, they’re looking at you and you say your name 6 times.But you know, but they’re actually making bigger tickets because of AI. So there’s some upside to AI too. No, no,

18:38 spk_0

I think there’s huge,

18:39 spk_2

I think so too, but the labor market’s gonna be in transition. It’s gonna be a little, a little painful for Mike’s

18:43 spk_1

got another cow she bet. He’s coming in. No, no,

18:45 spk_3

I, I’m like a little bit more of a doomer on the labor market in the short term than you guys are. Like the speed with which AI is happening.OK, it’s, there’s never been a technology trend that’s happened this fast. And like, I think net net on the, on the whole, like you probably do end up ahead. And you have very smart people saying the opposite of what I’m gonna say, David Sachs. OK, uh, CEO Palletier, CTO Palletier, saying that, hey, this like AI is gonna create more jobs and it’s a tool. Um, I, I, I think there’s a lot of middle management that are just gone, right? And if you look at the software Mageddon we had last week with these SAS names, the argument is not so much that these.Fast companies are gonna get taken out. It’s that there’s gonna be so many less seats in the office. And if you’re paying on a per license per seat, like if you get 50 licenses and now there’s only 5 people in there, you’re only gonna get 5 licenses. So I, I, I’m really nervous about that. But yeah,

19:37 spk_1

andthose were always valued on growth though, right? They weren’t really on, you know, earnings multiples. It was on revenue multiples because they were perceived to just grow and, you know, into perpetuity, and I don’t think that’s a problem.

19:46 spk_0

Didn’t Amazon just announce a bunch of layoffs specifically due to, to the role that AI is playing.That middle management level, yeah,

19:53 spk_1

is that the case, or is that just an easy scapegoat?

19:55 spk_0

Well, I don’t, well, that’s interesting, you know, they made it sound like that was, sorry, we’re letting yougo.

19:59 spk_1

It’s AI’s fault, but really it was,

20:01 spk_0

so you don’t know that’s ever, just

20:03 spk_2

think about how people you can now write code with AI. Think about you can have 20 programmers. You can have one person doing what I mean, listen, they created their own exits.

20:14 spk_1

They created their own exit. I have a lifelong friend that’s been a coder, has had multiple exits in software. He texted me.Four months ago I was like, I don’t do any coding at all anymore. I just go back and forth with anthropic and Claude, and then he texted me the other day. He’s like, I don’t do anything anymore because I created an agent to do all my coding for me while I’m sleeping. So, right? I mean, that’s what I think in this, in this, you know, uh, softwaremageddon or SASpocalypse as we’re calling it, right, the moniker that it’s getting.The one thing that shows me that’s not just a freak out about valuations or what the business is doing is if you look at uh job postings on Indeed.com for software.They’re just cratering, so there’s some true shift. There’s a paradigm shift happening there. It’s real,

20:56 spk_2

guys. It’s real. I’m telling you how it’s real. We haven’t seen the numbers really show up in the numbers that we like to look at, but I definitely see, you could see it. You could feel it. It’s one of those things where it makes sense and the, you know, our, our projections sort of match, you know, what’s actually happening. So I, I’m, I’m with you on this one. I think we’re at the tip of the iceberg for the pain.And that’s what can, can, can lower rates fix that. Well,

21:18 spk_0

I don’t think lower rates are gonna be able to fix that right away. I, I, it’s

21:21 spk_2

like, you know, it’s gonna be like a paper fan at 105 degree weather, you know, like, yeah, like I think I feel, you know, I think I feel, but you gotta do something about it, right? Sitting back and saying, no, we’re not gonna, we’re not gonna, we don’t see, we see rates staying here for a long period of time. You clearly see these problems, dangerous.

21:37 spk_0

I think the other issue is that Warsh is gonna have to go in.And he’s gonna have to, he’s gonna have to have, you know, a lot of sit-downs with the committee members because he’s got to get them on his side. He’s one vote. He’s one vote because it is a majority vote. That’s right. And everyone’s talking like he’s just gonna make a decision. He’s not. He’s got to have support from the majority. So he’s gonna have to sit down because there’s a handful of them that’s saying, whoa, whoa, whoa, slow down, not so fast. We don’t think we need to cut rates. We made, we made all these cuts, so he’s gonna have to sit down and have these conversations. I don’t know how.I don’t know how successful he’s gonna be right off the bat.

22:10 spk_2

That’s a goodpoint. I want to tell you, you know, look, we’ve been following these, these, these Fed folks for our whole careers, and I have never in my career seen such a vocal Fed so willing to go out on a limb and say, this is what I’m doing. I don’t agree with this guy. It’s never been like that, which

22:26 spk_0

I think, by the way, is a negative because I think, because I think all those conflicting interviews when they, when they, when they, when they all get up and they talk, they all say something different.Then they agree. Then they disagree. It creates mass confusion. Well,

22:36 spk_1

it’s that third tool, the verbal intervention, right? And they’re not on the same page, the messaging.

22:40 spk_0

So I wonder if that’s gonna change under a war. It’s gonna be.

22:44 spk_2

How, how can he change that, you know, like what, what can he tell them to do, you know, it’s. It’s a different world. It’s like a different generation, you know. When, when we were young, we listened to our parents, right? Now the kids today tell us what to do,

22:55 spk_0

you know. But when we were young in this business, you, you never heard from the other 11 members of.

23:00 spk_2

Greenspan, that’s all you heard from. That was

23:02 spk_1

the guys talking about being so old.

23:05 spk_0

Like Greenspan was the only one on TV. Greenspan was the only one who did the interview. Now there’s everybody doing it. That’s right. Now they’re doing. Everyone’s doing the interviews, and they’re not afraid to say. So I don’t know what, how Warsh is gonna handle

23:15 spk_2

that. It’s gonna be hurting cats. It’s gonna be tough. It’s not gonna be easy.

23:18 spk_0

No, it’s not, gentlemen. Listen, thank you very much. It’s been, it’s been a, a great conversation. I appreciate it. Let’s do this again. Cheers.That’s a wrap for today’s Trader Talk, but the conversation continues. Subscribe on Apple Podcasts, Spotify, Amazon Music, or wherever you get your podcasts. You got questions or topics you want covered? Email us at tradertalk@yahooinc.com because we’re always listening. Until the next time, stay sharp, stay disciplined, and stay in touch. Take good care.

23:55 spk_4

This content was not intended to be financial advice and should not be used as a substitute for professional financial services.

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