“Credibility At Stake” – Jamie Dimon CALLS OUT The Fed For Flip-Flopping On Rate Cuts

Patrick Bet-David is joined by Adam Sosnick, Tom Ellsworth, and Vincent Oshana as they react to JP Morgan Chase CEO Jamie Dimon calling out the federal reserve to stop flip-flopping on rate cuts


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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Uh Jamie Diamond says the FED should Hold off on rate Cuts as its credibility Is a little bit at stake I think they Have been they have to be data dependent He said if I were them I would wait After all they can always cut it quickly And dramatically said Diamond who dial Into the event remotely their Credibility is a little bit at stake I Would even wait past June and let it all Sort out Diamond caution is based on his View that even though the US economy is Kind of booming right now there's still A risk in could enter recession the FED Has cut interest rates multiple times Since March of 2022 to cool high infla Inflation while trying to steer the Economy to making what's known as a soft Landing when the economy cools enough to Bring inflation down without falling Into recession the US economy appears Resilient even after numerous rounds of Interest rate hikes drop growth remains Robust and consumer spending is still Strong Tom what is he saying here well What Jamie is saying is will the FED Please stick to a plan so I can make Money that's what Jamie Diamond is Saying for the B and I'll tell you why His credibility problem was last year All of the FED estimates and the FED own Statements how many rate Cuts would we Expect this year up to six remember that Now it comes back and it said well maybe

Four and now we're sticking with three The 60 Minutes interview that Jay Powell Did we're looking at three no rate cut On the 19th and 20th coming up next week But probably a 25 Point uh 25 um basis Point .25 uh rate cut on April 30th May 1st so what Jamie Diamond is saying the Markets would like stability stop Changing the story but they're not Changing the story The Market has been Reacting to data and he said he he gave Him credit for being data driven but Jamie Diamond is uh he wants stable Markets because that's how the banks Make money and you know it was six and It was four than it was three but Because things have happened and by the Way you know inflation is in the most Recent report 3.12 yeah it creeped up a Little bit it creeped up a little bit 2 To 31 so now who sounds right Powell Sounds right with what he said on 60 Minutes and what we're about to hear Next week on the 19th and 20th is going To be listen the economy is's a little Hot I don't want inflation to creep up Over the summer so guess what there's Going to be no rate cut right now but if The indicators stay there you'll Pro we Can consider it on May 1st I think That's what's going on and none of the Banking industry likes it when it jumps Around like And this just Diamond who is basically

The secretary of state of the banking Sector he's out there speaking to the UN Which is the Fed Adam well look Regardless of whatever Dron Pals does Here's one thing I can guarantee you Jamie diam's GNA make his money that's Going to happen Okay so he'll figure it Out I mean overall I think Jerome Powell Has done a great job you know whether at 27 or 31 um there's still the the average Person feels the inflation there's still A little bit of a covid hangover with Today's the fouryear anniversary of the Um revelation of covid uh when Donald Trump basically declared it a national Security uh situation but uh inflation It has cooled uh I think during we we we Did a story a couple days ago where like The real CPI the Consumer Price Index Was actually much higher than what Inflation shows but I think overall Jerome pal has done a very good job I Think when we did this podcast last time We talked about him I gave him an a I Think you you also gave him a very high Mark uh I think he's a steady hand at Leadership at the fed and uh he's not Beholden to anyone it seems and look if You take a macro perspective not macron Perspective you take a macro perspective Of what's going on in the economy you Have to admit the United States has Rebounded arguably better than any major

Economy in the world now are there are There issues are there things are there Concerns but overall there's a lot of Things to like in America today the Economy is strong inflation is cooled Stock market is all-time high uh Bitcoin's at all-time high you know uh Wages are are fairly high unemployment Is fairly low there's a lot to like in The economy but if you're the average Guy out there I could totally understand Why it's tough to get ahead and you're Living paycheck to paycheck but you want To know what since I even started Covering Financial stuff in 2015 2016 two-thirds of Americans have been Struggling living to paycheck to Paycheck since then that's Obama That's Trump that's a Biden that's just the Reality in America most the average Person uh only there's only one problem Though there's only one problem with That and even if we look at it from the Macron economy you would see that that We are kind of transitioning uh into a Uh different phase with inflation and Even though it was a minor uh issue uh a Couple years ago uh it may it may uh you Know evolve into a mature isue Later on as as we're kind of you know Transitioning through this entire Process L of transitioning Got Tom always says you can find your Own pal upstairs in the Attic banging on

That cheerleader no he hasn't been Upstairs in a while but by the way Rob Can you pull up Brandon I don't know if You're able to pull it up Brandon did Text it to us the whole concept about The fact on what's going on with Middle America and how much they're uh in America they're getting smaller and Smaller and smaller over the years and Brandon if you're watching this if you Can send that over that is my biggest Concern okay Brandon I know you have the Data we talk about it all the time you Know the chart that shows how big the Middle middle class was versus upper Class versus low you know income wise And where we are today if you can send It so Rob can pull it up you have it Somewhere on your phone that is by far The most important data for us to be Looking at is that it yeah so check that Out that's the concern that is the Biggest concern to me that I'm looking At from 1971 lower income was 25% upper Income was 14% middle class middle Income was 6 1% 2021 is 2950 21 by the Way I wonder what that is in 2024 I'm Willing to bet in 2024 it's probably Even a bigger number now some may say Why are you upset about that is an upper Income going from 14 to 21 that should Be a good thing and middle went from 61 To 50 so we're graduating many the Middle into the upper fine if you want

To make that argument that is only the Solid argument if the lower income Decreased but the lower income went from 25 to 29 so we can keep doing what we're Doing with the current strategy that we Have it's going to make guys like me Richer trust me it favors guys like me All day long but it's not a better Economy the more lower income increases The more crime in America increases the More lower income increases the more Entitlement increase the more lower Income increases the more you're worried About when you're hey you know they Broke into my car what's the big deal It's just breaking into the car it's not Like anybody got hurt where that lady is Talking about right so but that that is My concern I hope they make decisions uh Little bit in a subtle way and I kind of Agree with Jamie Diamond the fact that Pump the braks don't do it yet however Here's the other part you got to be Thinking about do you know what happens If they start lowering interest rates And delaying it and say they delay till June or July or August till September October do you know what's going to Happen to the market huh the Dow is Going to get close to 50,000 okay S&P is Going to go I don't know six down it's Going to be a solid number where where's S&P at right now Rob if you Vinnie right Off the top of your head do you know

Where SMP is at right now 4,500 is it I Think you're actually probably right 5150 damn it okay I150 driving the Dow is at almost 39 Right now I I think I think da is going To flirt with 45 to 50 and I think s SMP Could flirt with six St so the later They delay it increasing it it's also a A great news to share that speech when You're debating iics all that stuff it's Going to be a very interesting you hit The word that I just wanted to cover I Don't know if you was uh well Inclusivity I IIT was right there Inclusivity and grinder uh no Biomics um because you know if you Pat You're a data guy I would love to see What that uh what data guy what you want Him the data guy what the hell's going On here Adam if you can go back to that To that thing Pat dates a guy what I'd Love to know where that the the middle Class right there because it is true the Middle class is shrinking and then if You want to just basically critique Biomics you just look at the data I'd Love to know where it is in 2024 because you know Biden's whole Biomics is premised on the following That he wants to build out the middle Class he wants to uh build from the Bottom up not the top down basically you Saw that subtle little jab where he Talked about uh trickle down economics

And Reagan that's where he went with This so I'd love to know what bionomics Has done since 2021 has the middle class Actually grown has lower income actually Gone up and what's this situation with The upper class but with all the money Printing you know you always say money's Going to flow up so I'd love to see Where that goes right there yeah that's My concern I I I the the bigger the Middle income that we have middle class That we have the society is going to be Safer more calmer everybody's paying Their bills you know managing their own Dreams their own lives and we're good to Go and pbd since you've uh mentioned Brandon so many times on the podcast Today we got to get a shout out to Brandon let's go go Adam oh what a great Shirt what a fantastic shirt people love That shirt let's go brand so if you like This clip and you want to watch another One click right here and if you want to Watch the entire podcast click right Here

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