RUSH TRANSCRIPT The implications ░░░░░░░░ markets and monetary policy ░░░░░░░░ Glen Smith chief investment ░░░░░░░░ at jd wealth management ░░░░░░░░ good to see this ░░░░░░░░ and look Obviously this ░░░░░░░░ a huge market moment ░░░░░░░░ do you think will ░░░░░░░░ Wall Street given they ░░░░░░░░ Such high expectations for ░░░░░░░░ cut Movie won t ░░░░░░░░ a big water is ░░░░░░░░ for is and indication ░░░░░░░░ what voters for German ░░░░░░░░ going to do with ░░░░░░░░ rates and at this ░░░░░░░░ he has all the ░░░░░░░░ he needs to lower ░░░░░░░░ in September at least ░░░░░░░░ five basis points of ░░░░░░░░ fifty based on a ░░░░░░░░ werner bit of a ░░░░░░░░ labor market numbers were ░░░░░░░░ lower in a month ░░░░░░░░ may in a month ░░░░░░░░ June July They surprise ░░░░░░░░ hello room and do ░░░░░░░░ inflation closer the two ░░░░░░░░ target rate in the ░░░░░░░░ or I think he ░░░░░░░░ everything needs at this ░░░░░░░░ to to lower rates ░░░░░░░░ mean as you say ░░░░░░░░ ve had that recent ░░░░░░░░ jobs data Obviously this ░░░░░░░░ you ve got weekly ░░░░░░░░ rising slightly But if ░░░░░░░░ look at the minutes ░░░░░░░░ were released from the ░░░░░░░░ meeting shows that fed ░░░░░░░░ were much more focused ░░░░░░░░ the stickiness of inflation ░░░░░░░░ the labor side of ░░░░░░░░ mandate Yes And that ░░░░░░░░ why tomorrow is going ░░░░░░░░ be interesting to see ░░░░░░░░ see what this the ░░░░░░░░ about it That being ░░░░░░░░ all indicators of you ░░░░░░░░ at the leaders wrote ░░░░░░░░ report on likelihood of ░░░░░░░░ rico it s about ░░░░░░░░ percent sure So we ░░░░░░░░ all the indicators are ░░░░░░░░ some type of rica ░░░░░░░░ not the inflation Why ░░░░░░░░ still come down this ░░░░░░░░ could make the make ░░░░░░░░ labor market even weaker ░░░░░░░░ I don t think ░░░░░░░░ don t think pau ░░░░░░░░ the law reads too ░░░░░░░░ but also don t ░░░░░░░░ he wants the be ░░░░░░░░ for putting us in ░░░░░░░░ type of recession He ░░░░░░░░ t be here next ░░░░░░░░ Next may s is ░░░░░░░░ is he expires basically ░░░░░░░░ his commitment his turban ░░░░░░░░ yeah term would expire ░░░░░░░░ 20 twenty six and ░░░░░░░░ may and obviously not ░░░░░░░░ to get renewed worry ░░░░░░░░ at who is gonna ░░░░░░░░ replaced with and I ░░░░░░░░ he wants the leave ░░░░░░░░ I don t think ░░░░░░░░ wants to have zero ░░░░░░░░ until then and in ░░░░░░░░ next German comes and ░░░░░░░░ does all occurred So ░░░░░░░░ think we ll see ░░░░░░░░ indicator at least a ░░░░░░░░ bit of occur Glamour ░░░░░░░░ nurse at a time ░░░░░░░░ briefly the backdrop to ░░░░░░░░ of this is questions ░░░░░░░░ the Fed s independence ░░░░░░░░ the noise coming from ░░░░░░░░ Trump Administration how are ░░░░░░░░ you about that Zero ░░░░░░░░ vet the Fed of ░░░░░░░░ he he s not ░░░░░░░░ all affected by what ░░░░░░░░ says or anybody else ░░░░░░░░ s The one who ░░░░░░░░ through man needs which ░░░░░░░░ to keep inflation low ░░░░░░░░ labor market low and ░░░░░░░░ seems to be effected ░░░░░░░░ at all by what ░░░░░░░░ thinks and he s ░░░░░░░░ what he thinks is ░░░░░░░░ for the United States ░░░░░░░░ Smith chief investment officer ░░░░░░░░ ds wealth management Thank ░░░░░░░░ very much for