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

McCullough: What The Fed Is Doing Is Bad For America - 7 15 2020 1 13 21 PM

Let’s take a little dive into the U.S. Dollar. This has been a great call by us since May.

It has been the big call in Macro and you can see the trajectory in the chart below.

McCullough: What The Fed Is Doing Is Bad For America - 7 15 2020 1 11 33 PM

If you get the dollar right, then you have the central tendency to get a lot of other things right (like commodities in particular which we went bullish on in June).

We've been bearish on the Dollar, bullish on Commodities, and bullish on #inflation accelerating, all while not having the ignorance or hubris to suggest that’s those things are good signs for all of America.

Don’t forget that Goldman Sachs and JP Morgan generated "tremendous" banking fees and had "tremendous" quarters because the Fed bailed out Wall Street.

Meanwhile, the American people are footing the bill. Why is that? The dollar breaking down and inflation is breaking out. That means your purchasing power is going down at the same time as your cost of living is inflating. That’s only going to perpetuate #Stagflation. It also perpetuates the inequality gap.

Look at the CPI numbers from today’s Chart Of The Day. Whether it is food or medical costs, you can see that these are costs that impact American families.