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Payne's Perspective: July 5, 2022: See No Competence

By Charles Payne CEO & Principal Analyst

It was one for the record books. An unmitigated disaster that came like a tsunami devouring everything in its wake.

What a week! Jay Powell & Co tried to exude calm but came across as clueless. That’s not the right vibe for the folks in charge of printing money and now taking money out of the economy.

An interview in Europe caused serious worries:

Powell: "I think we now understand better how little we understand about inflation."

Host: "That's not very reassuring."

Powell: "This was unpredicted."

The Fed chairman went on to add: “Is there a risk that we would go too far? Certainly, there is a risk, but I wouldn't agree that it's the biggest risk to the economy. The bigger mistake to make would be to fail to restore price stability."

In addition to these unfortunate comments, at least four other Fed members stated the economy is strong, including Fed James Bullard, who has been seen as the most clear-eyed member.

To read the full report contact your account executive or email Research@wstreet.com. 

Charles Payne
Wall Street Strategies


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