The Reality Is Higher Rates Slow Growth

Real VisionJune 22, 2022
Federal Reserve Chair Jerome Powell, testifying before Congress on Wednesday, said the central bank is “strongly committed” to bringing down inflation and can do so with its monetary policy tools. He also acknowledged that engineering a “soft landing” will be “very challenging.” Indeed, Bill Dudley, a former Fed governor, wrote today that “a recession is inevitable within the next 12 to 18 months.” Meanwhile, West Texas Intermediate crude oil declined, as President Joe Biden floated a three-month federal gasoline tax holiday. The three major U.S. indexes held modest gains approaching the closing bell, as investors saw room in Powell’s words for a sooner-than-expected dovish turn. Darius Dale, founder and CEO of 42 Macro, joins Real Vision’s Maggie Lake to talk about the effort to control inflation without constraining growth and the market’s reaction to Powell’s testimony. We also hear from Tian Yang about the issue of the Fed’s credibility. Want to submit questions? Drop them right here on the Exchange: And be on the lookout for Thursday’s release of the full Expert View session featuring Tian Yang.
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The Fed's Focus Is "Singular" Right Now
The Institute of Supply Management’s services gauge sank to its lowest level in two years, mortgage demand declined despite falling rates, and the housing rental market cooled markedly, as evidence of economic slowdown accumulates. The Federal Reserve, meanwhile, as revealed by the minutes to the June 14-15 FOMC meeting, remains “highly attentive” to inflation risks. “The market is still in a process of pricing in or pricing out incremental tightening, as if there’s a spectrum of Fed activity,” explained Darius Dale in his daily note this morning. “But the Fed is waiting to achieve its signal before it does something different.” The Federal Reserve, according to Darius, is operating right now under a “singular” mandate, and that is to get inflation expectations re-anchored to its long-term 2% target. Darius, the founder of 42 Macro, joins Real Vision’s Maggie Lake to talk about whether and when the Fed will respond to data other than inflation. We also get a sneak peak at Raoul Pal’s and Sam Bankman-Fried’s discussion about what’s happening in crypto and beyond these days. Want to submit questions? Drop them right here on the Exchange: Catch Raoul’s conversation with SBF on Friday. And be sure to catch Raoul's conversation with SBF on Friday.

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