Loading summary
Transcript30 lines
- [00:01]
Mantis X Representative
Want to sharpen your aim, save money on ammo and train like the pros, all from the comfort of your home. Meet Mantis X, the cutting edge dry fire training system used by the Marine Corps, army and Special Forces to build precision and confidence. 94% of shooters report improved accuracy in just 20 minutes and you could be next. With Mantis X, you train with your own firearm anytime, anywhere without wasting a single round in less than two weeks. The system pays for itself in ammo savings alone. As a proud gun owner, I believe in the Second Amendment. But rights come with responsibility. That means refining your accuracy, mastering your skills and staying prepared every time you train. Whether you're a new shooter or an experienced marksman, Mantis X helps you train smarter, shoot better and defend what matters most. Get yours today@mantisx.com that's mantisx.com the chairman.
- [01:01]
News Anchor
Of the Federal Reserve, Jerome Powell, just delivered the cold, hard facts in a press conference. Donald Trump is destroying our economy and all of the forecasts for growth now have to be pulled back. Here's what we're learning A major stagflation warning by the Chairman of the Federal Reserve, Jerome Powell, moments ago. The Fed now predicts a brutal mix for 2025 of the following inflation up to 3% growth down to 1.4% unemployment up to 4.5% they're holding interest rates steady for now. No drop in the interest rates. They still expect two cuts this year, but we were expecting much more cuts and earlier cuts. Had Donald Trump just done nothing and allowed former President Biden's economy to basically be on aut autopilot moments ago? Here's what the chairman of the Federal Reserve, Jerome Powell, had to say about Donald Trump's disastrous tariffs Play this clip.
- [02:08]
Jerome Powell
Changes to trade, immigration, fiscal and regulatory policies continue to evolve and their effects on the economy remain uncertain. The effects of tariffs will depend, among other things, on their ultimate level. Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined. Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity. The effects on inflation could be short lived, reflecting a one time shift in the price level. It's also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and ultimately on keeping longer term inflation expectations well anchored.
- [02:58]
News Anchor
In this next clip, Jerome Powell talks about what we see happening with unemployment data and inflation. And Jerome Powell is just a data guy, not a political guy. Here's what we're seeing as a result of Trump's failed policies.
- [03:15]
Jerome Powell
Let's play it at this meeting. So, and those things are probably slow moving. So I think, I think if you look at what's happening here since March, this is since March, right? You see a little slower growth, just a tiny tick up 1 10, tick up in, in unemployment, and you see inflation moving up 3 10. And by the way, it was, it was a similar move from the December SEP to the March. So that's what you see, you see the, the, the effects of tariffs. I think we learned in April, after the March meeting, that substantially higher tariffs were likely. And then since then, the estimates of where the tariffs will be have actually moved back down, although still at an elevated level. So we're adapting in real time. And what you see is, you know, an accumulation of individual assessments.
- [04:02]
News Anchor
Jerome Powell then talks about the business surveys that the Fed has been reviewing, and what they see is how the tariffs are now working their way into prices being passed on to consumers. Let's play it.
- [04:15]
Jerome Powell
In addition, we look at surveys of businesses and, and there are many of those. And you do see a range of things. But many, many companies do expect to put all or some or all of the effective tariffs through to the next person in the chain and ultimately to the consumer. Today, the amount of these, the amount of the tariff effects, the size of the tariff effects, their duration and the time it will take are all highly uncertain. So that, that is why we think the appropriate thing to do is to hold where we are. As we learn more, and we think our policy stance is in a good place where we're well positioned to react to incoming developments.
- [04:57]
News Anchor
A reporter then asks Jerome Powell about all of Donald Trump's attacks on Jerome Powell and the Federal Reserve in general, including attacks earlier in the day. Watch this exchange right here.
- [05:12]
Reporter
Mr. McKee.
- [05:15]
Michael McKee
Michael McKee from Bloomberg Radio and Television, your friend down at 1600 Pennsylvania Avenue continues to lob insults in your direction. And I'm wondering, given now, that the Supreme Court has maybe carved out the Fed from some of the legal implications of that, whether this is just noise that the markets and everybody should ignore until your term is up, or whether you worry that it could lead to more pressure on confidence on Wall street, on consumers, about the outlook for the economy.
- [05:48]
News Anchor
Chair POWELL.
- [05:51]
Jerome Powell
From my standpoint, it's not complicated. What everyone on the FOMC wants is a good, solid American economy with strong labor market and price stability. That's what we want. We think our policy is well positioned to right now to deliver that and to be able to respond in timely way as the data lead us around. The economy has been resilient. And part of that is our stance. And again, we think we're in a good place on that to respond to significant economic developments. That's what matters. That is what matters to us. Pretty much. That's all that matters to us.
- [06:25]
Michael McKee
I need to ask, assuming you are not reappointed, would you stay on as governor when your term is chair?
- [06:31]
Jerome Powell
And I'm not thinking about that. I'm thinking about this.
- [06:35]
News Anchor
This was Donald Trump earlier in the day where he was having a press conference for a gigantic flag pole that he was putting on the north and south and south lawn of the White House, flanked by construction workers who are putting up a gigantic poll who earlier in their interview, Donald Trump questions if they are illegal immigrants or not. Donald Trump attacks Jerome Powell. You can see on the faces of these construct workers how visibly uncomfortable they are as Donald Trump calls Jerome Powell stupid. Here, play this clip in the book.
- [07:10]
Donald Trump
Trying to get him to do something. I've been nice to him. I do it always. I don't know how to sell. I've been so nice to him. Fellas, you wouldn't. Let's have dinner. Too late. I'd call him. Too late. Come on. Too late. Let's have dinner. I do it every way in the book. I'm nasty, I'm nice. Nothing works. He's like just a stupid person, but I don't expect anything. Maybe he does a little bit, but.
- [07:32]
News Anchor
Now here's the clip of Donald Trump asking the construction workers if they're actually illegal immigrants. Play this clip.
- [07:39]
Donald Trump
What they gave to us, fellas. They gave. Do we have anybody in here that's a member?
- [07:44]
Jerome Powell
I don't think so.
- [07:45]
Donald Trump
You've known all these people for a long time. Any illegal immigrants in here? Now, if they were, they'll find out. They'll be checking you. You won't believe your whole life will be destroyed because of this. This press conference. Watch. They'll destroy these people. I didn't want to tell them that before they stood out, but they'll end up being. Oh, he's a so and so. This one is from you know where. Don't worry. I think you. I think you're going to be okay. I'll. I'll be right behind you. I'll be right behind you.
- [08:16]
Miracle Made Representative
The weather is heating up and your nighttime bedroom temperature has a huge impact on your sleep quality. If you wake up too hot or too cold, I highly recommend that you check out Miracle Maid's bedsheets. Miraclemade sheets are inspired by NASA and use silver infused fabrics that are temperature regulating so you can sleep at the perfect temperature all night long. Now, using those silver infused fabrics inspired by NASA, Miraclemade sheets are thermoregulating and designed to keep you at the perfect temperature all night long no matter the weather, so you get better sleep every night. These sheets are infused with silver that Prevent up to 99.7% of bacterial growth, leaving them to stay cleaner and fresh three times longer than other sheets. No more gross odors. Miracle made sheets are luxuriously comfortable without the high price tag of other luxury brands and feel as nice, if not nicer than sheets used by some five star hotels. Stop sleeping on bacteria. Bacteria can clog your pores causing breakouts and acne. Sleep clean with Miracle. Upgrade your sleep as the weather heats up. Go to trymiracle.com midas to try Miracle made sheets today. And whether you're buying them for yourself or as a gift for a loved one, if you order today, you can save over 40%. And if you use our promo code Midas at checkout, you'll get free three piece towel set and save an extra 20%. Miracle is so confident in their product, it's backed with a 30 day money back guarantee. So if you aren't 100% satisfied satisfied, you'll get a full refund. Upgrade your sleep with Miracle made. Go to try Miracle.com Midas and use the code Midas to claim your free three piece towel set and save over 40%. Off again, that's Trimerical.com Midas to treat yourself. Thank you Miracle made for sponsoring this episode.
- [10:15]
News Anchor
Now, Donald Trump's regime has been putting on a pressure campaign against Jerome Powell. The Trump regime has been trying to get Powell to lower interest rates by going on FOX to basically threaten him. Here is Howard Lutnick doing that a few weeks ago. Play this clip.
- [10:39]
Howard Lutnick
It's unbelievable that, you know, Jerome Powell is just sitting around waiting, you know, the president calls him too late. You know, it's just too late. Powell, I mean, why, why hasn't he cut. I mean, you remember if he cut interest rates 1% and you've got Europe cutting like crazy. You realize that saves America $300 billion a year. It's unbelievable how much we would save if he did his job and he cut interest rates. The economy is ready for it. It's easy. Inflation is low. Come on, he's got to do his job soon.
- [11:13]
News Anchor
And here is Donald Trump also a few weeks ago saying the reason that Jerome Powell isn't cutting the rates is because he's not in love with Donald Trump. Play this clip.
- [11:23]
Donald Trump
Other countries have done it would be, it's like jet fuel would be great. But he doesn't want to do it. I think he doesn't want to do it. Probably he's not, he's not in love with me. I think that's right. It's sort of a crazy reason, but that's the way life is. Anybody in his position would be like.
- [11:40]
News Anchor
It would be like now in today's report, Jerome Powell believes that there is this massive stagflation risk. But just a year ago. And I'll play you this video from a year ago when former President Biden was in charge. Jerome Powell says, I don't see the stag or I don't see the flation. That's because inflation was going down to hit the Fed target. They were able to cut interest rates. Things were looking great and then Trump screwed it up. Let's play this clip.
- [12:09]
Jerome Powell
In addition, I would say, you know, most forecasters, including our forecasting, was that that last year's level of growth was very high, 3.4% in I guess the fourth quarter, you know, and probably not going to be sustained and would come down. But that would be, that would be our forecast. That wouldn't be stagflation. That would still be to a very healthy level of growth. And of course, with inflation, you know, our, we will return inflation to 2% and that won't be. So I don't see the stag or deflation actually.
- [12:41]
News Anchor
By the way, reflecting on Donald Trump's building of a gigantic poll in the White House today, I did a whole video about it earlier. Do you see the guy in the crane right there? Like literally, like, just look at this photo op. Did the guy in the crane pretend to be asleep to avoid the Trump selfie? And the other thing that Donald Trump did today was he removed the portrait of Hillary Clinton and he replaced it with a gigantic ugly photo of himself, his face as the American flag. We'll keep you posted with more. This is what we have for now on the Midas Touch Network. Hit subscribe. Let's get to 5 million subscribers.
- [13:19]
Miracle Made Representative
Can't get enough Midas? Check out the Midas plus substack for ad free articles, reports, podcasts, daily recaps from Ron Filipkowski and more. Sign up for free now@midasplus.com.
- [13:41]
Reporter
Here's a list of reasons to use Instacart. The game is on. The game just ended. The next game is on. Life is busy. But with Instacart, you really don't ever have to leave the couch. Do with this information what you will. So download the Instacart app and get whatever you crave for the game and whatever else you need delivered in as fast as 30 minutes. Plus enjoy. Zero dollar delivery fees on your first three grocery orders. Instacart. We're here. Service fees apply. Three orders in 14 days. Excludes restaurants.