Valuetainment - June 24, 2025


“Jerome Powell Is A STUPID Person＂ - Trump TORCHES Fed Chair Over Interest Rate STANDOFF


Episode Stats


Length

9 minutes

Words per minute

199.35713

Word count

1,902

Sentence count

195


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

The Fed holds interest rates steady for the fourth time in a row. Fed Chairman Jerome Powell says the economy is on track to hit 2.5% growth in the second half of the year. Fed Chair Janet Yellen says she will continue to monitor inflation and unemployment to see if they need to raise interest rates. Inflation has been running below 2%, but it's still above the Fed's target of 2% for some time now. What does that mean for the economy and the housing market?

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Tom, economy, okay?
00:00:02.160 Let's go into economy with some of the stories that we got here on business.
00:00:07.260 Let me see which one I want to go to.
00:00:08.900 Let's go to this one first.
00:00:10.380 I'm going to go to this one first.
00:00:11.780 Fed holds interest rates steady for fourth time in a row.
00:00:16.440 Some were saying maybe we get a quarter, maybe we don't get a quarter.
00:00:19.600 You even said possibly, but you were more leaning towards nothing's going to happen,
00:00:24.200 and nothing happened.
00:00:25.200 As usual, Tom is right on these types of issues that's coming up.
00:00:29.540 This is Jerome Powell getting up there to give the announcement that nobody wants to hear,
00:00:36.000 but I think he's doing the right thing.
00:00:37.560 Go ahead, Rob.
00:00:41.440 It's quiet in there.
00:00:43.020 It's like a librarian.
00:00:45.160 He's a librarian.
00:00:46.440 Good afternoon.
00:00:47.360 Hello.
00:00:47.960 My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment
00:00:53.100 and stable prices for the benefit of the American people.
00:00:56.660 Despite elevated insults, the economy is in a solid position.
00:01:01.620 Oh, my God.
00:01:02.280 The unemployment rate remains low, and the labor market is at or near maximum employment.
00:01:08.080 Inflation has come down a great deal, but has been running somewhat above our 2% longer run objective.
00:01:14.100 In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged.
00:01:21.840 You can pause it right there.
00:01:22.620 And that's it.
00:01:23.740 By the way, it took three seconds for us to know that he's not changing anything.
00:01:27.020 Tom, thoughts.
00:01:27.780 What's going on here?
00:01:28.680 So here's what's going on with the Fed.
00:01:31.420 And I hate to say it this way.
00:01:34.360 They don't have enough stats that are bad enough.
00:01:37.360 And he just said we're at near full employment.
00:01:39.900 Yeah, we're only at 4.12 to 4.5, depending how you measure it, unemployment.
00:01:44.660 That's low.
00:01:45.540 It means a lot of people there.
00:01:46.940 And you've got housing isn't moving, and so we need the interest rate to move housing.
00:01:53.340 But does the stock market need the interest rate right now?
00:01:56.280 Well, would companies take advantage of lower interest rates and go get loans for factories and machines and all that stuff and property?
00:02:02.620 Sure they would.
00:02:03.640 But do you need to do it right now?
00:02:06.380 Look, there's part of me that says I wish he would have done it because I think that will stay ahead of what's going on in housing because housing's got a tough moment right now.
00:02:16.200 And I really think housing needs that.
00:02:18.780 But if you look at the Fed dot plot up here, and the Fed dot plot is all the Fed board of governors saying where they believe it's going to go.
00:02:26.520 So they're allowed, Pat, to anonymously vote in a dot pot.
00:02:30.180 This is all the Fed board of governors.
00:02:31.900 And you can see the projection is one half of a percent below where we are now.
00:02:37.480 So for year end, they're thinking two quarter point cuts.
00:02:42.540 And that's what the Wall Street Journalist chart comes from there is saying.
00:02:44.640 And they're saying it's a 25 percent chance, the dot plot says, the cut comes in July and a 65 percent chance that the cut comes in September.
00:02:54.700 September, back to school, end of third quarter.
00:02:57.420 So what's going on right now is the Fed is letting the economy settle.
00:03:02.240 But there's something that was in there that he said deeper into his bedtime reading, because if you listen to him speak about this, you can fall asleep.
00:03:12.260 I almost did.
00:03:13.400 And did you notice that the that the very few people cover the Fed?
00:03:18.120 There's like there's like nine media people in there and you know, they don't make a lot of noise.
00:03:22.600 But he says we haven't been able to feel like we've learned a great deal yet.
00:03:29.640 And we haven't been through a situation like this.
00:03:32.320 And I have to be humble.
00:03:34.500 Here it is, Pat.
00:03:35.280 Be humble about our ability to forecast it, which we don't have.
00:03:39.780 So we need to see actual data.
00:03:41.320 So what he's saying is I'm not putting a streetlight at the intersection.
00:03:46.040 I'm going to wait till there's a crash.
00:03:47.960 Now I have data and then I'll put a streetlight at the intersection.
00:03:51.860 That's what the Fed is saying right now.
00:03:53.800 And the housing market needs some help.
00:03:57.380 I reached out to Bill Pulte, who's in the president's administration.
00:04:00.700 And he's pointing out, as he has in lockstep with the president, we need interest rates to come down.
00:04:08.060 And we've done our job on inflation.
00:04:10.640 Inflation is down.
00:04:11.660 Employment is there.
00:04:12.660 So why not give a quarter point cut ahead of maybe any slowing of the economy or anything coming in the second half?
00:04:22.320 So I agree with Bill on that.
00:04:25.540 And so I wish we could have had a cut.
00:04:27.660 But I understand why we didn't.
00:04:29.600 I'm okay with it.
00:04:30.720 Is this the president talking?
00:04:31.940 Did you see what Trump said about Powell and how he feels about him?
00:04:33.880 I know.
00:04:34.360 He's probably not going to be happy about it.
00:04:35.600 You're going to like it.
00:04:36.240 You're going to like it.
00:04:36.760 Go ahead, Rob.
00:04:36.940 And I think this was also he was asked about.
00:04:38.680 Tom, I can't hear it.
00:04:39.500 Go ahead, Rob.
00:04:39.980 Go back.
00:04:40.300 Go for it.
00:04:41.740 Can't hear it.
00:04:42.460 I can't hear it.
00:04:43.000 But now we have a man that just refuses to lower the Fed rate.
00:04:47.140 Just refuses to do it.
00:04:49.040 And he's not a smart person.
00:04:51.160 I don't even think he's that political.
00:04:52.680 I think he hates me.
00:04:53.480 But that's okay.
00:04:54.200 You know, he should.
00:04:55.360 He should.
00:04:55.940 I call him every name in the book trying to get him to do something.
00:04:58.460 I've been nice to him.
00:04:59.520 I do it always.
00:05:00.460 I don't know how to sell.
00:05:01.560 I've been so nice to him, fellas.
00:05:03.080 Let's have dinner.
00:05:05.280 Too late.
00:05:06.100 I'd call him too late.
00:05:07.180 Come on, too late.
00:05:08.000 Let's have dinner.
00:05:09.120 I do it every way in the book.
00:05:10.460 I'm nasty.
00:05:11.140 I'm nice.
00:05:12.220 Nothing works.
00:05:12.760 He's not just a stupid person.
00:05:17.260 Hey, Trump is the only one that can praise you and shit on you in the same sentence.
00:05:24.680 You think he's a good guy and I hate his guts.
00:05:26.480 And I'm telling you.
00:05:27.220 Oh, my God.
00:05:27.580 I'm telling you.
00:05:28.840 Trump is not wrong.
00:05:30.560 Trust me.
00:05:31.160 Trump is not wrong.
00:05:32.520 But I'm okay with one more month.
00:05:33.980 We wait.
00:05:34.860 I'm okay.
00:05:35.460 But you think it will change in a month?
00:05:36.900 Yeah, yeah.
00:05:37.320 Give it a month?
00:05:37.700 Oh, for sure it will.
00:05:38.300 For sure it will.
00:05:39.320 For sure.
00:05:39.980 In the next 60 to 90 days, they're low on the rates.
00:05:42.180 For sure they're doing that.
00:05:44.260 And right now, you know, I think they needed this good news because they need some kind
00:05:50.280 of good news to be given.
00:05:51.340 This was desperately needed.
00:05:53.260 The market needed it.
00:05:54.460 His administration needed it.
00:05:55.820 It could have been a good positive distraction that they needed it.
00:05:59.140 But Powell is Powell.
00:06:01.020 You know, Powell is the guy that is not motivated about a lot of different things.
00:06:05.620 By the way, what did Powell do before?
00:06:07.560 What company was he?
00:06:08.720 What was his career before?
00:06:10.060 Rob, can you pull up Jerome Powell?
00:06:11.860 Like, what was Jerome Powell's first job?
00:06:13.780 Like, what?
00:06:14.460 I actually want to know this guy's background.
00:06:17.620 Jerome Powell, what did he do before?
00:06:19.080 So, D.C., Powell, Princeton, George Washington, lawyer, working on 35, which investment back
00:06:24.560 in the mid-80s, and who was he with the investment banking?
00:06:26.440 Carlisle Group.
00:06:26.980 So, he worked with Rubenstein, okay, because we had him on the podcast.
00:06:31.040 Rubenstein was on the podcast.
00:06:32.520 He runs a very good podcast.
00:06:34.580 19, Powell briefly served on his finance, George Bush.
00:06:38.060 Powell left Carlisle Group in 05, founded Severn Capital Partners, a private investment
00:06:43.740 company, was a visiting scholar and bipartisan policy.
00:06:45.940 Okay.
00:06:46.600 So, he's got the back.
00:06:47.320 He became a Federal Reserve Board of Governors after being nominated by the post of President
00:06:50.500 Obama in 2012, was subsequently elevated to chairman by President Trump, succeeding Janet
00:06:54.820 at the end, a renominated position by Joe Biden.
00:06:56.780 Powell built his reputation in Washington, D.C. during the Obama administration as a consensus
00:06:59.960 builder and problem solver.
00:07:01.660 Okay.
00:07:02.080 All right.
00:07:02.780 So, let's see what happens here.
00:07:04.140 But I'm telling you, I'm very comfortable with it, and I know why President Trump would
00:07:07.960 not be happy about it.
00:07:08.900 I wouldn't be either if I was the president, but I don't think it's a bad thing.
00:07:12.500 Business folks, here's what we got.
00:07:14.040 A guy named Jamie Hepp texted me yesterday.
00:07:16.780 Look, it's so funny.
00:07:17.420 He literally just texted me right now.
00:07:18.680 Jamie, you texted me at 922, and I'm talking about you right now on the podcast.
00:07:23.520 He says, my guys want to know what white shirts you wear.
00:07:26.860 There's a few white shirts I wear.
00:07:28.960 One of them is this Valuetainment white shirt.
00:07:31.560 By the way, it hugs you.
00:07:33.320 It feels so good.
00:07:34.200 For business folks, this blue shirt that I got on, we got this in blue, white, and black.
00:07:38.620 For business folks, I want to put something on and relax.
00:07:40.980 You don't have to worry about the wrinkles, and it's flex, yet it's got silk.
00:07:43.920 It's got the right combination, 25 poly, 29 model, 4% spandex, 2% silk, 35% tensile,
00:07:52.300 LyoSol.
00:07:52.860 You're going to love the way this sits on your body.
00:07:55.780 It's got the Valuetainment logo at the top.
00:07:57.620 It's got the future looks right on the bottom and the VT on the sides.
00:08:00.660 But today, it's the gentleman's line.
00:08:02.880 Rob, if you want to play the clip for folks to see if you're in business, you want to wear
00:08:05.960 some good gear, here's some items for you right now with VT Merch.
00:08:08.740 Go for it, Rob.
00:08:09.240 Look at Saul in the back.
00:08:13.400 Stud.
00:08:13.980 That's a nice Stefano-Ritchie collaboration tie, limited edition.
00:08:17.260 That one's good.
00:08:18.220 New Valuetainment blue ties, black, blue, white shirt, blue shirt, black shirt.
00:08:25.900 I love that.
00:08:27.620 Laptop doesn't come with it, but everything else, if you do, I just want to make sure we
00:08:31.380 make that clear.
00:08:32.440 These polo shirts have that Valuetainment button on it with the VT logo.
00:08:37.040 And I love the fact that people nowadays that are seeing the VT Future Looks Bright, they're
00:08:41.200 like, hey, me too.
00:08:42.980 I saw Armin the other day.
00:08:44.760 He posted a video with the Valuetainment hat and Future Looks Bright hat.
00:08:47.760 I absolutely freaking love it.
00:08:49.400 Go to VTMerch.com, Rob, to see what the gentleman's collection is so people can see it.
00:08:52.040 What do you mean?
00:08:52.420 What about the prince that you've interviewed twice says in his statement, the future looks
00:08:57.140 bright?
00:08:57.580 Gotta love the fact that this is becoming real around the world.
00:09:01.780 But go sport it, represent it, wear it at work, put it together, get your power tie
00:09:07.760 on.
00:09:08.380 If some of you guys recognize Stefano Ricci, you can get those high quality ties as well.
00:09:12.440 But we got different items that's there on VTMerch.com, VTMerch.com.
00:09:17.760 We did not buy a lot of supply of these.
00:09:19.580 These are 50, 48, 96.
00:09:22.620 So it's not something that it's a lot of supply that we picked up.
00:09:25.800 It's just for the business folks.
00:09:26.780 If you enjoyed this video, you want to watch more videos like this, click here.
00:09:29.660 And if you want to watch the entire podcast, click here.