Boockvar: Fed Chair Powell has no choice but to focus on growth overseas

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Peter Boockvar of Bleakley Advisory Group discusses Fed Chair Jerome Powell's interview on "60 Minutes", what he did and didn't say, as well as the outlook for global growth this year.

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The Fed's persistence in following through with its December rate hike regardless of falling stock prices may say more about its attitude towards markets than the spin around a policy that is dictated by global economic realities anyway. Of course, it was a positive for markets that the Fed put the hike in the past instead of postponing it and encouraging a large discussion about what was going to happen this month. The dependence on easy monetary policy is a global one. That fact suggests the problem is primarily due of a changing real economy than to anything central banks can fix. In the United States political realities may be the biggest danger. On one hand there is the United States Congress that appears to see global economic war to make them the global top dogs as more important than an healthy global economy. On the other hand, many of the Democrats seem to see business as the enemy and destruction as the prescription for any American business that becomes too successful.

davidjacobson