RUSH TRANSCRIPT Charles all ░░░░░░░░ I want to bring ░░░░░░░░ in Danielle DiMartino Booth ░░░░░░░░ gabriela Santos Ladies it ░░░░░░░░ so interesting because Jay ░░░░░░░░ is between a rock ░░░░░░░░ a hard place in ░░░░░░░░ ways I think the ░░░░░░░░ mandate obviously from time ░░░░░░░░ time causes headaches But ░░░░░░░░ there s serious pressure ░░░░░░░░ him gabriela President Trump ░░░░░░░░ might actually post something ░░░░░░░░ social media during the ░░░░░░░░ 30 minutes I know ░░░░░░░░ Fed says it doesn ░░░░░░░░ bother them but they ░░░░░░░░ human right I m ░░░░░░░░ they re also very ░░░░░░░░ on the dual mandate ░░░░░░░░ as Chair Powell said ░░░░░░░░ couple of meetings ago ░░░░░░░░ think don t guess ░░░░░░░░ or speculate and they ░░░░░░░░ focus on both sides ░░░░░░░░ the mandate But what ░░░░░░░░ a bit confusing to ░░░░░░░░ market was then at ░░░░░░░░ December meeting kind of ░░░░░░░░ calling out D C ░░░░░░░░ Charles right Shape their ░░░░░░░░ this year I think ░░░░░░░░ way to square that ░░░░░░░░ is to say they ░░░░░░░░ t be proactive about ░░░░░░░░ policy based on potential ░░░░░░░░ but they will very ░░░░░░░░ monitor the impact on ░░░░░░░░ forecasts on both sides ░░░░░░░░ the mandate going forward ░░░░░░░░ see this is the ░░░░░░░░ that bothers me right ░░░░░░░░ first of all I ░░░░░░░░ t know you have ░░░░░░░░ army of ph d ░░░░░░░░ right and you have ░░░░░░░░ on your side and ░░░░░░░░ these tools on your ░░░░░░░░ and yet to your ░░░░░░░░ I think the reactive ░░░░░░░░ being reactive to the ░░░░░░░░ that s going to ░░░░░░░░ revised later and markets ░░░░░░░░ to pay a price ░░░░░░░░ that I just feel ░░░░░░░░ there s got to ░░░░░░░░ a better way Then ░░░░░░░░ making assumptions Okay let ░░░░░░░░ say over the weekend ░░░░░░░░ tariffs go into place ░░░░░░░░ Mexico and Canada can ░░░░░░░░ against Mexico and qanta ░░░░░░░░ Wouldn t they have ░░░░░░░░ wait to see what ░░░░░░░░ impact will be 2018 ░░░░░░░░ episode it took a ░░░░░░░░ 12 months before we ░░░░░░░░ those tariffs show up ░░░░░░░░ goods inflation And it ░░░░░░░░ on what the composition ░░░░░░░░ the tariffs are going ░░░░░░░░ be if they re ░░░░░░░░ Is Scott Bessent Treasury ░░░░░░░░ as he s said ░░░░░░░░ can t be reactive ░░░░░░░░ something that they don ░░░░░░░░ see in front of ░░░░░░░░ But what we re ░░░░░░░░ in bond yields is ░░░░░░░░ fear of a repeat ░░░░░░░░ what happened after those ░░░░░░░░ were imposed But of ░░░░░░░░ that involved sending Americans ░░░░░░░░ of dollars in cash ░░░░░░░░ well Charles well that ░░░░░░░░ from Covid though But ░░░░░░░░ followed no Again the ░░░░░░░░ came out today and ░░░░░░░░ were talking about the ░░░░░░░░ S economy falling into ░░░░░░░░ session in 2019 because ░░░░░░░░ in 2019 because trade ░░░░░░░░ fallen Chas Charles despite ░░░░░░░░ tariffs the stock market ░░░░░░░░ the only reason the ░░░░░░░░ market was anti at ░░░░░░░░ was because of anxiety ░░░░░░░░ the Fed not tariffs ░░░░░░░░ I feel like this ░░░░░░░░ mongering of it all ░░░░░░░░ worrisome to me as ░░░░░░░░ investor Play out in ░░░░░░░░ reactiveness of the Fed ░░░░░░░░ data to policy is ░░░░░░░░ bond yields have stayed ░░░░░░░░ volatile Equity market volatility ░░░░░░░░ really low but interest ░░░░░░░░ The bond market or ░░░░░░░░ stock market right now ░░░░░░░░ different things in a ░░░░░░░░ as they should The ░░░░░░░░ market is looking at ░░░░░░░░ strong earning season recovery ░░░░░░░░ other parts of the ░░░░░░░░ focusing on deregulation and ░░░░░░░░ confidence is filtering through ░░░░░░░░ the abandonment line are ░░░░░░░░ whereas I think the ░░░░░░░░ market through higher real ░░░░░░░░ is pricing in more ░░░░░░░░ about the impact of ░░░░░░░░ policy And it s ░░░░░░░░ in higher deficits and ░░░░░░░░ debt issuance Charles Powell ░░░░░░░░ be up in less ░░░░░░░░ a minute Danielle what ░░░░░░░░ you expect to hear ░░░░░░░░ would you like to ░░░░░░░░ Thinks the progress has ░░░░░░░░ stalled on making progress ░░░░░░░░ inflation unless he s ░░░░░░░░ to throw out the ░░░░░░░░ with the bath water ░░░░░░░░ steamroll his closest confidant ░░░░░░░░ waller That s what ░░░░░░░░ s going to take ░░░░░░░░ Powell to not flip ░░░░░░░░ again after what he ░░░░░░░░ a at the December ░░░░░░░░ If he s going ░░░░░░░░ back up these comments ░░░░░░░░ we re in the ░░░░░░░░ were in the statement ░░░░░░░░ re going to have ░░░░░░░░ see Charles you look ░░░░░░░░ a lot of labor ░░░░░░░░ that do you think ░░░░░░░░ s as strong as ░░░░░░░░ the board is saying ░░░░░░░░ yesterday and yet bond ░░░░░░░░ did not go up ░░░░░░░░ all was because the ░░░░░░░░ hard to get metric ░░░░░░░░ so so bad that ░░░░░░░░ it implied using a ░░░░░░░░ factor simple regression We ░░░░░░░░ talking about 896 months ░░░░░░░░ data the Fed officials ░░░░░░░░ completely dismissed as well ░░░░░░░░ the butter death adjustment ░░░░░░░░ came out birth death ░░░░░░░░ that came out at ░░░░░░░░ 00 this morning that ░░░░░░░░ payrolls had been oversated ░░░░░░░░ 57 000 a month ░░░░░░░░ re dismissing all of ░░░░░░░░ data right now Charles ░░░░░░░░ you know what Hold ░░░░░░░░ thought By the way ░░░░░░░░ we ll chime in ░░░░░░░░ time to time as ░░░░░░░░ markets move.