After delivering (yet another) rate hike yesterday, you have to hand it to Fed head honcho Jay Powell. He is consistent(ly bad).
“[Powell] went as far as saying the odds are higher we don’t have a recession, than having a recession,” explains Keith McCullough in this clip from The Macro Show.
“That was the worst comment I’ve seen since him saying inflation is transitory.”
As Powell doubles down on his previous mistakes, Hedgeye’s CEO says people are beginning to see this for what it is: a credit event, which comes at end of an economic cycle and the beginning of a recessionary slowdown.
“He’s got all that wrong, and now he’s going to get pounded,” McCullough adds. “He’s not only going to get pounded on his economic forecast – this guy couldn’t forecast rain in a hurricane – but he’s going to get pounded politically.”
Watch the full clip above.
