In this clip from “The Macro Show,” Hedgeye CEO Keith McCullough minces no words as he responds to a subscriber’s question about the direction of the U.S. Dollar, Treasury yields and whether the Federal Reserve will eventually lose control.
Here’s a snippet:
“The Fed did not fix the economy—they fixed asset prices,” explains McCullough. “They fixed the price of junk bonds, high yield bonds. You could make a pretty damn good argument that they fixed the price on a lot of stocks, or the floor on stocks. But now they’re starting to lose it again. They’re losing the narrative that they fixed the economy.
They didn’t fix the economy, they fixed asset prices.
Now, with their devaluation of the dollar, they are fixing a higher cost of living for the very people who can afford it the least, at the particular point in time when they lost their jobs.”
Watch the full clip above.