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Afternoon Note

Embarrassing Snafu

By Charles Payne, CEO & Principal Analyst
3/23/2023 1:14 PM

Looks like the street has gotten over that embarrassing snafu from yesterday. Jay Powell and Janet Yellen were conveying what appeared to be different versions of the banking sector.

I’m glad Yellen finally admitted what we already knew. Now, we have to hope there are few, if any, additional bank failures.

On that note, a Fed rate pause would go a long way. 

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Now, the street thinks the Fed is done, and beginning in July 2023 through July 2024, there is expected to be eight rate cuts totaling 225 basis points.  Honestly, that’s nuts.  This would mean we are trying to get out of a deep recession.  There is still time to avoid such a scenario.  But a pause would be welcomed. 

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Dammit, Janet... Hillarious! Old school SNL. Love it!

Barry Cole on 3/23/2023 1:25:44 PM
I'm glad you said it's nuts first. I agree. IMO there should be NO rate cuts until inflation is down to 3%, at least. And I don't expect that to happen by this July.

Charles Lucente on 3/23/2023 1:27:13 PM

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