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Below is a brief excerpt transcribed from Wednesday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

McCullough: Fed, PPT & Bailouts Are Perpetuating Market Volatility - 6 17 2020 1 09 31 PM

When you have the PPT, the Federal Reserve, bailouts, money printing, and a centrally planned market with the futures doing what they’re doing between 2AM-3AM in the morning, you’d think that financial markets would do what central planners wanted them to do.

Ben Bernanke became famous (and ultimately the head of the Federal Reserve) for often saying we’re going to have a "new normal" for market volatility because the Fed and central planners of the world can suppress it.

So you'd think that central planners would be able to suppress volatility.

But in reality what they are doing is perpetuating market volatility.

Look at the chart.

McCullough: Fed, PPT & Bailouts Are Perpetuating Market Volatility - 6 17 2020 1 11 06 PM

That is a bullish trend.

Think about volatility like holding a ball under water. That's what the Fed wants to do. But when you hold a ball underwater long enough and after drinking enough beers, it'll blow your nose off.

Be very, very, VERY careful with the emotions on what they are trying to trigger in the early morning with FOMO futures.That’s what they NEED and WANT you to believe.

But what does the market actually believe? It believes that the VIX can go well into the 40’s.

Stay tuned for that.