Memo to Jerome: ‘You Are Completely and Unequivocally Full of Sh*t’

Keith McCullough

Takeaway: We Won’t Stand for Powell’s Manipulation of the American People

Fed Chair Jerome Powell delivered his clearest comments yet about the Federal Reserve’s plans yesterday, stating “It will be appropriate to slow the pace of run-off fairly soon.” He also said three rate cuts are still in play and made it clear that the Fed will do whatever it has to do to avoid compressing the deposit base in a meaningful way.

In layman’s terms what he’s really saying is: “We don't want our banking friends and our Wall Street cronies running into the issues they ran into back in March and April of last year.”

It's predictable that he's willing to do that part. On the other hand, he won’t talk plainly about inflation.

How about this line (whopper) from Powell?

“There's not a lot of evidence that wage pressure or its impact on inflation is something the Federal Reserve or the U.S. government was responsible for.”

Huh?

To think that you can wake up, Jerome Powell, and just read The Wall Street Journal and tell that guy who's writing about you what to say … to believe that you can do that in this country today, I think, reeks to the highest levels of arrogance in this whole concept of the state and the elites and how they're trying to manipulate the system in their favor.

I don't know how it's going to resolve itself other than one thing: The Fourth Turning.

Because the people know.

Jerome, you're not going to watch this until at least 700 of your 785 economists that melt up to you at the Fed tell you that I'm telling you this right now. But the people know.

Stop with the lies. Now I'm calling you Jerome, because I'm being respectful, right? Because you've earned it, right?

God put you on this earth to lie to me. So, when I'm telling you, Jerome, that you are completely and unequivocally full of sh*t, when you preface your Federal Reserve pressers or commentary saying, “We're doing it for the American people”?

Seriously?

You might want to write your legacy as a Federal Reserve “Savior of the Earth” or whatever, but you’re going to have a major obstacle, which is the person that's talking to you right now and Josh Steiner, the guy who's back and forth with me right now, and the entire Hedgeye community that we built and all the people that watch it.

You might think that you're on your own sweet way here, but I don't think so.