Powell Optimism Belies Data – Ep. 333

Powell Optimism Belies Data – Ep. 333

Second Consecutive 300-Point Drop in the Dow
The Dow Jones was down 380 points today, in fact this is the second consecutive 300-point drop we've had in the Dow. The Dow is now down about 4% for the month of February which just ended today. This also means the Dow's record-breaking monthly winning streak has also come to an end. Remember, the Dow was up every month since Donald Trump was elected President including every single month in calendar year 2017. That is something that has never happened in the history of the stock market. There has always been at least one month during any year where the market went down - except for last year, when it went up every month and it was also up in January.Not so in February. Big decline. The Dow dropped better than 1000 points on the month. We'll see if this is the beginning of a much bigger downturn. In fact, it could easily be the beginning of a bear market.
Powell's Congressional Testimony the Catalyst
The supposed catalyst for the sell-off yesterday and today was Powell's testimony before Congress yesterday. He goes before the Senate tomorrow - he was in front of the House yesterday to give his talk about the economy. The Congressmen's questions are all self-serving. They are all talking for their own constituents and nobody really cares what Jerome Powell says - except the market. The stock market is looking and caring about what he says.
Powell is Hawkish
What Powell said that spooked the markets - he was optimistic! He was hawkish - he was bullish on the economy. First of all, what do we expect? He is on Team Trump, just as Ben Bernanke said he was a team player when he supported the economy under Bush. So the Republican narrative is that the economy is great - everything is booming and Powell is going to toe that same line. But of course, when Powell speaks, the markets listen, and the markets didn't like that upbeat tone. It made them think, oh, we're going to keep getting rate hikes. Maybe we're going to get 4 rate hikes instead of 3 - and the stock market sold off.
Will Powell Try to Fix What He Broke?
It rallied again a little this morning; we were up over 150 I think early in the day, but all of the decline happened in the last hour of trading, as is typically the case with some of these sell-offs. So it doesn't bode well for tomorrow. - Unless Jerome Powell tries to fix what he broke. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 11

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Episode 11 Synopsis: Where is the Apology? Preview of the Michael Brown Grand Jury case does not support liberal media's narrative. * The officer knew that Michael Brown had just robbed a convenience store. * The bullets entered Michael Brown from front as he was approaching the officer. * Blood evidence on Michael Brown indicates he was moving toward the officer. * Wounds in upper arm indicate he did not have his arms in the air. * Michael Brown was shot in his thumb at extremely close range. * A majority of eyewitnesses support the officer's testimony Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 10

SchiffRadio Podcast Episode 10

Episode 10 Synopsis Hillary's Fractured Economic Theory: * Raising the minimum wage will create jobs. * Businesses don't create jobs; the government creates jobs. * Regan Economics "failed spectacularly". * Clinton's economy was based on "arithmetic", not a bubble. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 9

SchiffRadio Podcast Episode 9

Episode 9 Synopsis * Deflation Spin Cycle: Peter debunks recent articles "redefining" deflation. * QE Infinity: Brandeis economics professor predicts the Fed doesn't need an exit strategy. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 8

SchiffRadio Podcast Episode 8

This week, we're releasing a series of podcasts to get current information out on a more basis. We appreciate your feedback on this new format. Episode 8 Segment 1: * Contrary to GDP number, consumers are still struggling. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 7

SchiffRadio Podcast Episode 7

Episode 7 Synopsis * More deflation/inflation propaganda * The Fed prefers inflation because at least they know how to fight it * Money printing in Venezuela* Bloomberg warns Yellen not to follow Sweden's example * Obamacare premiums going up after the election* Mark Cuban's plan to limit student loans * Wells Fargo employee demands $10,000 raise for himself and other employees * British Minister under fire for suggesting intellectually disabled should be able to work for less than minimum wage * News about QE4 * Yellen ironically speaks up on wealth inequality Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Okt 20142h 12min

SchiffRadio Podcast Episode 6

SchiffRadio Podcast Episode 6

Episode 6 Synopsis * Big downside moves in global equity markets * U.S. stock market trends * Gold moves upward * U.S. Dollar weakness * A detailed analysis of this month's FOMC minutes * Share buybacks and other artificial boots to the stock market * More Obamacare blowbacks against the job market and employee healthcare * The straight story on misleading reports on the economy * How California labor law put a vineyard out of business * Interview with Paypal co-founder Peter Thiel in his new book Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 5

SchiffRadio Podcast Episode 5

Episode 5 Synopsis: * Debunking Ned Davis' predictions on gold * Chicago Fed president Charles Evans hints that the Fed can't raise interest rates * Alan Greenspan gives Fed a pass on CNBC * Brokerage houses hit by FINRA arbritation results * Eurozone low inflation 'scare' * Collapse in Fannie and Freddie stock * The numbers behind the weekly economic data Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 4

SchiffRadio Podcast Episode 4

Episode 4 Synopsis * Launch of the iPhone 6 * Surprising employment arbitration results * Housing market rolls over * Hotel minimum wage * World Bank head claims that QE works Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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