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Jack welcomes former senior Fed trader Joseph Wang and Michael “Mish” Shedlock, economic blogger and investment advisor, to analyze the twin threats of inflation and recession, and the challenges investors and the Federal Reserve face as they try to navigate both. Shedlock argues that the economy is slowing rapidly and the Federal Reserve will likely overtighten which could “kill” the stock market. Wang argues that the risk is that the Federal Reserve is too loose, and notes that an excerpt from the July FOMC minutes which Wang saw as “cowardly” caused Wang to be more open to the view that Powell will cave to dovish political pressure. In his own words, “this is the Fed of Arthur Burns.”
NOTE: This interview was filmed on August 23, 2022, days before Fed Chair Jay Powell’s remarks at Jackson Hole.
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Follow Joseph Wang on Twitter https://twitter.com/FedGuy12
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Joseph Wang’s work can be found here: https://fedguy.com/
Mish Shedlock’s writings can be found here: https://mishtalk.com/
Mish’s article on housing: https://mishtalk.com/economics/new-home-sales-crash-accelerates-sales-do...
July FOMC minutes: https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220727.pdf
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Timestamps
00:00 Introduction
01:37 Are We In A Recession Already?
05:48 Housing
15:00 Stagflation
19:58The Stock Market
21:12 The Wang Pivot
29:27 The Commercial Banking System
35:16 Asset Allocation
36:51 Gold
39:53 The Pension Crisis
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
