How The Fed Really Works | Joseph Wang

The FOMC is dominating the macro conversation right now. Many are wondering what the Fed is doing, when the hike cycle is going to be over, when we may see rate cuts and what could happen as we head into 2024.

Joseph Wang, the CIO at Monetary Macro fund, also known as “The Fed Guy,” joins Eric Chemi. He previously worked at the Fed. Joseph will break down how the Fed really works, why he thinks the bond bear market isn’t over and what he expects the Fed to do next.

TIMESTAMPS
0:00 Federal Reserve's decision-making process and transparency.
6:58 Fed policy and inflation expectations.
10:20 Fed's macroeconomic models and their accuracy.
14:51 Federal Reserve policies and their impact on the economy.
21:41 Fed's quantitative easing and its impact on inflation.
24:21 US Treasury debt management and interest rates.
29:20 Monetary policy and interest rates.
34:40 Fed's impact on interest rates and asset prices.
36:35 Fed's monetary policy and its impact on the economy.
46:39 Last thoughts with Joseph Wang.

#FED #ratecycle #JosephWang #fomc
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[JohnDaniels]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson

[blackpill]

This channel isn't the same without Adam! Pretty disappointing content following his departure as host.

[ourkimfamily]

It's an editing issue. No one is cutting anyone off.

[gabrielw]

They are so transparent yet do the exact opposite of what they say. They say they are doing QT, but they aren't. Financial conditions have been so loose since Oct 2022 and don't even get me started with the March bank bailout. That was QE out the butt all the way through July. Is it really being transparent if they are lying?

[edubmf]

> it wasn't inflationary
doesn't include housing fully in inflation
Joseph as long as you stick to this IMHO you're a joke

[brianwest]

views are really falling of a cliff eh?

[mak]

The Fed is transparent? LOL Come on man, when was the last audit?

[SavanaT]

Good Question - What would you do if you were the Fed Chairman? - Mr. Wang - Powell is doing a good job but I'd be more vocal about letting Congress know that they need to cut spending because their excessive govt spending is making the Fed's job more difficult.

[commissarcarr]

Funny how everybody thinks FED is independent. It is a Political body loyal to whichever party in power. Oh and there to provide cover for Politicians as an independent scapegoat. 😂😂😂

[lukejones]

great guest, Joseph I have listen to many times but some thing felt off or awkward AF in this interview

[stefanmazareanu]

QE didn't create inflation?! What about stock market inflation? What about somme common sense?🙂

[bitsandchriss]

Unfortunate if this was an editing issue, I had to give up watching because I couldn't concentrate on what was being said. Maybe re-edit and upload again?

[JohnDaniels]

"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented."
-Sir Josiah Stamp, former Bank president

[yodurk]

Joseph has been spot on in his market calls. Adam interviewed him in Sept 2022, he said be bullish stocks, basically right at the bottom. Wish i listened to him there. That said, I'm skeptical about this goldilocks call he's inflation continues to go down, while stocks melt up, AND the Fed cuts by March?!

[timm]

Hi - can we have Lance Robert back for the weekly reviews on Saturdays
That was the best part of wealthion and it would be a shame to lose

[jrid]

Lol this dude likes to interrupt before the host is finished asking the question.

[donmarek]

FIAT or Financial Instrument Administering Theft

[JohnTaylor-tswk]

Great interview, Joseph Wang is good at explaining his positions.
Also a good explanation of QE as changing the duration of government securities.

[dwilson]

One other point…where is the inflation??? After QE…still no one wants to accept asset price inflation, i mean if you really want to call a home an asset for investment? Financial investment…if you plan on moooching off your kids?
It’s an investment for a quality of life, not finance.

QE was so good, we did not see inflation of prices (consumer) until covid…so it was working fine?

No one can afford a frigging huose !! The asset inflation is still not enough for people to say QE was bad?

Stop with the consumer prices inflation being the only concern of living…home price inflation suffered from the quantity of money inflation. And it’s not the central banks that did it directly…they did it indirectly by allowing the “pillars of society” to print up all these loans for govt wanted home purchasing, investment house in purchases (reduce their own public housing commitments).

House price inflation leads to further credit for lounges, new beds, TV’s and the other items to make one feel validated…then throw in a new car too…are these all assets?? So cannot be of concern.

Then when all is said and done, will it flow through to consumer prices…it ain’t covid, it’s printing up money leading to entitlement…and at the same time the exhaustion of an oppressed country of resources.

J powell needs to squeeze out Greenspan and bernanke, and Yellen…plus counter the forces of crony globalisation and the exhaustion of goodwill from the little guys that been kicked for too long. Which all the economist cry victory over, ie this is the biggest lift out of poverty (for the Chinese) that human kind has ever seen. Load of crap!!

[fbc]

Dear Wealthion, If you're reading the comments, then you have seen many viewers complaining about the "guest" cutting off the host. This is clearly not true and instead is shoddy editing on Wealthion's part. Perhaps you can edit the video description and respond to the viewers' comments apologizing for the poor edit so the guest is not blamed. Secondly, this is yet another example of having a GREAT guest who has a wealth of knowledge, who I have listened to on many channels, and turn it into a sub-standard video. The host added nothing to the conversation, and hats off to Joseph for still managing to provide valuable content.