Dueling interviews
We’ve had two interesting interviews this week.
First up, Jerome Powell was on 60 minutes. The interview was a nothingburger if you follow the regular goings on at the Fed and since the interview is cut down to 12 minutes, the best parts were all left on the cutting room floor. The transcript was a good read into Powell’s thinking on the fiscal side and he would have known that the jabs at Congress were gonna get cut. He certainly didn’t use the opportunity as a victory lap. If fact, he was adamant about that. He might have been using it as an opportunity to start a campaign for a third term as chairman or to connect with the non-finance types letting them know that the price level is now permanently higher and so are interest rates.
Up next was Tucker Carlson’s sit-down with Putin. This was a 2-hour affair. Admittedly, I’m not so interested in what Putin has to say but how the mainstream press is going to cope with the viewer comparisons. I’ve heard that not much new was covered in these interviews. Here’s the full transcript if you are interested:
Finally I want to note that the stock market has been quite frustrating for the first month. NVDA has gone on quite a run and it has been difficult to watch from the sidelines. Some incredible comparisons have been made.
At some point, I believe that valuation will matter but today is not that day.