NOW: FOMC RATE DECISION & PRESS CONFERENCE

[00:00:00] Ricky: and we are live what's going on guys it's Ricky with tech but solutions welcome to the FOMC great decision and press conference today is the first time that the new fed chair is going to be speaking and he should be in office for a total of what seven to 14 years it's pretty cool right like we're going to be watching the first press conference that he hosts possibly for over the next decade so I'm really excited to show this experience with you guys overall Nasdaq market is slightly in the green it's up about half of a percent but it's been consolidating all day right we talked about it in today's earlier video we talked about it if you're part of my LPP team in today's live trading session to not be surprised this is normally what happens the big focus that we have today is not really going to be the rate decision everyone kind of already knows that there's going to be a huge probability 98.6 according to this fed rate monitor tool that the federal reserve is going to pause right there is a slight probability that the federal reserve is going to raise interest rates I would say the bigger focus is the overall outlook are any individuals any members of this committee open to the idea of rate hikes this year and based off of that outlook like we talked about it in today's earlier video their dot plot may even matter more right with three officials expected to pencil in rate hikes this year that could cause markets to sell off a little bit leading up to this so it's not so much about the rate decision because everyone pretty much knows that today they most likely will decide that they're going to pause it's what they're penciling in for maybe later this year it's kind of like the guidance right there's the earnings report for a company and then the guidance the guidance for what the federal reserve and their members are likely to be open to if they're more open to raising interest rates no longer cutting because we're pushing away against the two percent target and that is when things can get uncertain you know but if trump does close and sign the deal either today as he stated earlier or maybe by friday maybe that kind of gets rid of that uncertainty right so that's what i'm excited to find out to see what ends up actually happening um but yeah can you well i didn't even check in with you guys can you guys hear me and see me okay are we all good to go here all right good to go perfect hopefully i earn your thumbs up and again all you need to do is if you want to partake in that live chat if you want to ask me any questions all you have to do is subscribe to the channel so that's literally just it all right in less than less than three minutes oh less than two minutes it's 10 58 here in arizona all right let's see you guys ready let's see if our site updated there we go we just updated our landing page for lpp we got revolving tickers active tickers based off of real-time data we have our risk to reward ratio calculator to help you plan out your trade and the newest addition is a simple economic calendar right so like today wednesday today we have the fomc rate decision all of these have already been reported and now we just have this so if you've already been to our lpp page all you have to do is refresh it and it will automatically update you can use our landing page even if you're not part of lpp even you and yeah i really hope that you do right obviously we didn't create this economic calendar it's powered and provided by investing.com but a lot of individuals are taking time to you know plan out their trades figure out their success rate on our home page so we just thought it would make sense to put it here so yeah it's going to be the second link in the description down below you should always have an economic calendar that you're paying attention to and again this tells us that what the market expectation is based off of this right decision they expect no change so here we go we're going to be paying attention to the nasdaq market and let's see which way it moves we got spacex down two percent on the day will we be bullish or bearish let's see all right 30 seconds we got 15 seconds left 15 seconds so again do something now about your position or if you're open to the volatility great hold it right but if you're not open to that volatility do something now or forever hold your peace here it goes whoa okay slight pullback but there's no break of pattern here no break of structure not yet at least let's see if it picks back up again very volatile time one moment it could be selling off another moment we could be pushing new highs still no break of structure we have a strong support on qqq at 731 okay we're selling off a little bit more okay definitely selling off a little bit more spacex dropping qqq dropping testing lows for the day okay we're dropping we're dropping here quick is it going to get bought up we didn't make new lows on the day not yet and remember this is the rate decision and then there's the press conference so let's go ahead and refresh this we're just going to do it for today which is wednesday updating so again markets are incredibly bullish they're always getting bought up and they're always looking for a reason to recover so let's see if that's the case today right that was a common support range during our live trading session not perfect but just a general idea whoa okay we're going back down to retest oh okay we're going back down to retest how are you guys feeling about the market there's still no break of structure it's a nice pullback there's this is not a full-on sell-off we're not below our the lows for the day we're not below the lows from yesterday so nothing new yet it's it's oversold right technically speaking it doesn't mean that it can't go cheaper that's not what we're saying spacex is dropping everything technically should be dropping at this point there it goes qqq oh it's doing it i'm not mad about it i'm all for it i'm actually surprised whoa okay hey we're actively dropping okay there it goes made new lows on the day and new lows from yesterday from 0.5 percent in the green to now down a quarter of a percent and falling remember we still have to go through the press conference oof all right give me some feedback what's your guys's take on this are you buying the dip are you staying cash obviously for our experienced traders you might be taking a short what's the outlook here do you think it's an overreaction right because intraday markets look oversold right in the shorter time frames in the larger time frames we have a lot of pullback potential right we're definitely not oversold so okay staying cash staying cash sweet again nothing wrong with staying cash if you see an opportunity where it could be a possible dip dip buy opportunity i see it i feel it right whoa dude we're i'm sure on intc but i expected more of a drop intc is a really strong performer today it's one of the semi-stocks right mike so kind of like dell and micron those are going to be holding up there's just so much money being poured into those unfortunately in days like today although they are pulling back right and like like you said i mean you said it perfectly i expected more kind of right the weaker stocks are more open to selling off today you know they're they're probably actually making you lows on the day the stronger performing stocks the semiconductor stocks micron being one of them dell being another uh intel being another they're they are very strong performing it's it's i would be careful right there's days that market sentiment are incredibly favorable and there's days that they are not it's not that you can't make money shorting them is that is it worth the risk only you can decide that right be careful be intentional be calculated there it goes intel getting a little bit more of a drop now it's testing previous lows how's tesla doing okay we got spacex down here how are you guys feeling are you mad about it are you happy about it is this like oh i want to buy the dip what the heck yeah rocket lab did you guys notice a lot of the companies that were selling off that were like rocket based were recovering today as spacex was selling off i found that to be pretty interesting we covered it in our live trading session today again with our lpp team and i found that correlation to be interesting spacex started to sell off and then rocket lab and what is it asts rwr i think that's what it is i'm not too sure all of those were like strong performing stocks today while the big a new one was selling off i thought that was like kind of interesting it's going to be interesting to see if that's a correlation that follows or if they begin to work together right if the others become almost a proxy of spacex do you get what i mean do you remember like when nvidia would do very well but there's companies that nvidia was partnered up with like smci smci at one point again terrible example maybe but smci would trade at like as as pretty much a multiple of nvidia when nvidia would have a green day so would smci solely based off of nvidia news it kind of took a leg of its own right then it got so hyped up it was being investigated for fraud and then kind of fell apart there but all right what are we doing here nasdaq market trying to recover are we open to buying the dip or is it going to keep selling off so we have 23 minutes until the press conference begins do you want me to end this live stream and then go live again later or should we just spend time together we can break down a few stocks i know some of you guys are you know still thinking about you know maybe using investing pro i can use the software to break down stocks for you what do you guys think here goes nasdaq market quickly recovering now stay all right just drop a thumbs up and make sure you're subscribed to the channel there it goes a lot of the semi stocks beginning to recover again quick quick recovery look at that look at that v-shape recovery look at that almost makes me want to short them let's see where's nasdaq all right i'll stay i'd obviously i'd prefer to stay and we can just it's less work for me of not needing to come back and go and yeah so drop a thumbs up we have 2,000 of you guys here only 200 likes you guys being a little a little frugal with the likes again doesn't cost you anything hopefully we earn your thumbs up and yeah excited to see this new fed chair speak for the first time right there's been so many memes and and obviously there's just so much just history with jerome pal now we have this new guy it's going to be interesting to see how he speaks what his tone is if it's bullish if it's hawkish or dovish and then how to be able to identify that with not really understanding you know his personality i feel like jerome pal was very respectful he wouldn't speak too much we'll see if this guy carries that same type of energy right the same type of attitude so all right and there it goes intel with a sharp recovery we got qqq with a beautiful recovery and still trying to look dip is being bought up macd rsi technically speaking it all looks good we'll see if that momentum continues or if it begins to form lower highs and lower lows right kind of did this shortly after markets open sold off recovered sold off and then recovered we've been doing this almost all day so i'm open to the idea of yeah i'll short it here 100 shares short on intc again if you guys have any stock that you guys would like me to break down i would love to share my opinion and at the end of the day it's just that you guys can feel free to share the ticker symbol of the stock that you're interested in trading or investing but i want to learn more about your intentions do you plan to go long do you plan to go short is your intention to day trade it is your intention to invest in it or swing trade it so let me know mstr short ah you guys really know how to sweet talk me huh um i would you guys know that i don't like mstr i would be careful with shorting mstr at these levels what ricky why are you saying that mstr went from 200 to now 100 per share i'm not here to say that mstr can't drop lower all i'm here to remind you is look at the bigger picture what's the downside potential versus the upside again you know i don't like this company i don't like this stock i don't like michael saylor but it doesn't mean that you have to be stupid and naive about the trades you choose to take is there money to be made sure maybe we could even drop below 100 sure but that all is the big what if bitcoin is beginning to show signs of strong support at 60 000 technically speaking 100 is a strong support for mstr and it's history right this is where we've been consolidating before so i just want you to be aware of the risk right again you know i don't like this stock and i don't like this company be careful not taking downside versus upside into consideration i'm not saying that this is a good long position all i'm saying is that hey does the potential for profit shorting it still outweigh the potential for loss if it goes against you all i'm encouraging you to do is maybe take some time and plan out your trade right we provide the tool for you for free even if you're not part of all pp you can use our risk section to be able to plan out your next trade if you don't like all the white you can change it to night mode and you can plan out your trade here click on custom type in the ticker entry stop loss price target the number of shares and you can calculate how much it could potentially make you versus how much you could potentially lose there shouldn't be any surprises with intentional and calculated trades okay mstr fundamentally speaking you all know where i stand with that if we pull up mstr using investing pro again it's a terrible company it has billions of dollars and unrealized net losses it makes no money as a software company it loses money and has a negative p ratio it calls itself a bitcoin treasury but it's not a bitcoin treasury it's a failing software company that uses its shares to borrow against their shareholders and borrows money at zero percent interest diluting their shareholders with more share offerings to buy bitcoin if you're a big believer in bitcoin i'm not a big believer in bitcoin but if you are just buy bitcoin or buy a bitcoin actual etf that gives you one-to-one exposure why would you ever trade a company a software company a failing software company at that that calls itself a bitcoin treasury silly in my opinion all right crm long sounds good let's go ahead and break it down uh give me one quick second it looks like my intel short is beginning to go good just going to add a little bit more to it i shorted this stock during our live trading session and then i went long on it and then i went short on it again so i've been trading it both sides all day so just want to see which way it ends up going looks like nasdaq is also forming lower highs so i do like that all right let's go back to crm salesforce down 2.78 percent and you're thinking about going long on it right so long term i'm assuming not just a buy the dip this wouldn't really make sense to day trade it to go long when direction is so unfavorable so obviously i'm sure you can tell direction has not been in your favor lower highs lower lows i can see why you're paying attention to it you might be like oh this might be an undervalued play technically speaking again it does look attractive in the sense of hey it looks cheap it does not look attractive in the sense of the cheap can always get cheaper right it was cheap at 230 now it's at 150 right it it can continue to sell off there's been no indication of a recovery if we type it in here crm and we pull it up salesforce 57 upside based off of fair value high shareholder yield 24 analysts have revised their earnings upwards we'd have to see on yeah it's trading at a super low p e ratio it's a company that produces 42 billion dollars in revenue actually i like the idea here so i'm gonna add it oh i do have it under my oversold stocks i haven't reviewed it in some time um and i think probably because every time i look at it it's still so aggressively bearish and although it might look cheap fundamentally what's the point of buying something if all it does is continues to sell off obviously if you can tolerate the time that it could take for this thing to recover then that's i guess where the secret sauce is at right understanding what you are holding and being able to not care about the time that it might take um i like it as a value play but for me i would still need there to be some form of indication of a recovery i really do like it um i like how low of a p ratio it's trading at if we pull up the pro research to see the revenue revenue has been consistent let's see i want to read the bear case why is this doing so bad the stock trades nearly at a 52 week low of 161 down 34 percent in over six months and 33 year to date with technical indicators which is again just looking at the charts and the price action signaling strong sell across both moving averages and key indicators ongoing weakness and commerce cloud marketing cloud and taboo booking and renewal okay acquisition i was uh and now raises integration debt okay debt issuance tied 25 billion is created five percent okay i'm not a fan of that short-term obligations exceed liquid assets per internal pro tips and cash flow ratings stand at five out of ten ratings highlighting near-term liquidity pressure i'm in heavy capital deployment okay macro so the big thing with this one it seems like they are over leveraged right they're investing a lot into their business they're over leveraged and their liabilities might be exceeding or getting close to exceeding at least to an unattractive rate um their cash flow salesforce 5 billion stake in anthropic gain significant value but that's not about this company p ratio is very low forward p ratio 11.38 yeah i would like to keep an eye on this one i i really do like it i just don't like its price performance but i think that it's a good buy right now i wouldn't feel comfortable enough buying it myself if you're willing to take the risk all power to you you're an adult you can do whatever it is that you want based off previous lows it has gone lower before it actually began to uptick but again i don't care to be early to these kinds of setups right for long-term trades long-term investments i don't need to be early looking at previous reversals from crm when it sold off you didn't need to be early even if you bought in at 166 instead of buying it at the lows of 160 uh lows of 120 guess what at least you bought when there was indication of an uptrend and there was still so much upside so yeah obviously you got it for a much better price but there's a big what if what if it continues to drop at least at this point there's a change of direction and a change of pattern right and that's the biggest thing is can we get that confirmation of a reversal if you're part of my lvp team you know that's exactly what i like to focus on not just good fundamentals but also making sure that price action supports the trade again if you're okay with being early and you're okay with taking that kind of risk then all power to you but you can't be surprised if you end up getting burned a little bit longer and if you don't have the experience to sustain that type of you know pressure then i just wouldn't jump into it too early on that's just my two cents and again for those that are asking the software that we are using to analyze this company is called investing pro if you click the first link in the description down below a quick little heads up it is an affiliate link i want to be open with you guys but it's a software that i use every day you'll get up to 55 off you can just click claim sale and it literally breaks down to less than nine dollars a month so nine dollars a month for pro or pro plus breaks down to less than 23 dollars a month i do have pro plus but again it's up to you to decide which one you prefer so again if you want the tool that i'm using to analyze these companies first link in the description down below you're more than welcome to check it out so all right we have 10 minutes left can we break down maybe two more stocks yeah marvel marvel marvel let me ask you are you talking about marvel because you were invested in it before or after jensen called it a trillion dollar company i just want to know i just want to know were you invested in it before or after are you a bandwagoner or are you an early i don't even want to call you an early investor because this thing's been pumped to the smithereens what is it before all right you said it i'll break it down for you so just my opinion obviously there's been a lot of hype the stock has gone from 70 per share to highs of 339 at to some point especially when you look at it fundamentally fundamentally right now it is overvalued you are paying a premium to own it there's huge downside that is the risk but it's kind of like the opposite almost of crm of salesforce the stock that we just broke down this doesn't really look to be a value play right now based off of what it's currently producing it makes 2.5 billion dollars in net income that's fair 8.7 billion in revenue 102 p ratio not cheap right with that being said knowing that it trades at a premium there's obviously a lot of potential in this ai space the biggest and biggest difference between the two is one has great price action one doesn't this one all the bullish indicators are telling you buy buy buy buy buy price momentum growth health all of that is super super attractive right growth has been great jensen called it the next trillion dollar company i love how they highlighted that here but what if this bet doesn't pay off you are paying a premium to own it so that is the risk that you have to be willing to take with this company versus what we just talked about crm crm doesn't have the hype it doesn't have that same type of excitement wall street doesn't love it price action is terrible but fundamentally it actually makes more money than marvel but it's not just about like 2026 and 2025 have not been the years of like making money and being profitable fundamentally it's about what's your growth story and is it attractive and if it's if it's attractive enough and markets are irrational enough they can do great right and i think that's really what we've begun uh to see with a lot of these companies so in the short term i think it truly does make more sense to be a part of marvel to be invested in marvel than it does to be invested in crm in the short term because hype is currently present in marvel but your risk management better be a1 because remember what price did it come from 80 70 per share so if markets do begin to sell off it's always the most overvalued companies that correct the hardest this thing has more than 50 to lose you better be good at hey there's a break of pattern markets are selling off i better manage and mitigate risk on this trade does that make sense does that make sense it's all based off of also your experience your intention and hopefully your overall understanding of what's currently going on these semi stocks or ai stocks are really being favored to a point that you are paying a pretty premium to own them but if you're okay with that and you just want to ride the momentum you can't hate someone for that we're all here for the same reason it's to make money but just be careful because if that sentiment shifts and that direction goes against you just know when to take profits or to cut losses that's the biggest thing nasdaq for is forming lower lows here it goes getting rejected just as expected old support level becoming new resistance lpp traders you know we talk about this where's my intel short oh it's not really selling off as much huh i don't know if i want to add more to it i don't it doesn't look super favorable i'll i'll i'll keep it at that where am i at yeah oh my position size is actually a little bit more than i wanted it to be and we have five minutes left until the press conference let's let's break down one more stock in the meantime i'm going to pull up the press conference just to make sure all right i have it here so we'll be watching it together and again like i said in today's earlier video if you guys did not see already on our lpp home page we have the economic calendar so if you don't have an economic calendar second link in the description down below just scroll all the way to the bottom hopefully you use desktop it just looks best on desktop and you can click on today's date which is the 17th of june and you can quickly see that again all the series of reports that were released today and the big one which is the uh fomc rate decision as expected no change and then in four minutes we have the press conference okay that is all provided for you for free of course on our home page for lpp as well as if you want to figure out your win rate and also if you want to plan out your next trade all provided for you within the risk to reward ratio calculator so let's go ahead and break down this last stock that you guys would like me to do holy spam you guys don't need to spam it i don't like that i'm going to go with someone that's not spamming let's see we have three minutes less than three minutes let's do that one i haven't broken that one down in a while and i don't really like the stock but i think it'd be cool to talk about it smci smci because it has had recent didn't recently pump yeah beautiful pumped up to highs of 51 all the way down to lows of 30. it's really important to pick up the characteristics of different stocks right people love to hype up stocks like this when it all it does it has a history of pumping and dumping so yeah is it technically oversold now would it make a lot of sense to short it i don't think so it just went through a really aggressive dump can it sell off more of course anything can happen i hope that it makes new lows with that being said again it's risk to reward it's approaching a previous general support range it tends to find a support here is it actually really worth the risk to continue to short it knowing that it already went from 50 all the way down to 27. it lost nearly 50 of its value in just about two what is that two to three weeks so it's beginning to consolidate it still looks bearish when i buy the dip on this no there's no indication of a recovery but i can definitely see why someone would begin to entertain the idea of going long especially if price action begins to be supported as of right now i don't think it does and especially fundamentally i don't think it's a very good company if we look at smci if i'm not mistaken i mean it's gone through a bunch of issues internally it actually doesn't trade at a crazy p ratio 15 times 1.2 billion in net income 33 billion in overall revenue it's just a terribly ran business fundamentally uh when you look into the what's it called the ceo and all the issues they've ran into i feel like a lot of them have been avoidable if they had better people running them that's just my opinion and that's my take on it according to investing pro the fair value the upside is about 38 percent again price momentum profitability has not been the greatest uh so this is really just this is a high risk trade i don't see it as a safe play maybe it's just me you guys let me know what you think all right let's go ahead and watch this live stream i don't know if i want to listen to that elevator music i do want to let you guys know that during the live stream or maybe in the next five minutes um i'm gonna post a code in the live chat that will give you 50 off for lpp 3.0 so for those that were waiting for that discount uh code um again it's 50 off it's a one-time payment lifetime access so we got to watch me trade live every day obviously we have a ton of lpp members in here if you want to be a part of that you can watch me start watching me trade live as soon as tomorrow once the market's open and again we have members that signed up back in 2018 that still have access to it today whenever you're ready to join it's going to be linked in the live chat just make sure you look out for that okay here we go i hope that you enjoy [00:35:24] Speaker 2: here we go that's not jp good day good day it's an honor a true honor to be back at the federal reserve and to take up this duty at a time of such consequence i've been especially heartened by the warm welcome of old friends and new colleagues both and i've listened closely to my fellow fomc members blue tie is new thinking and genuine interest in moving the fed forward this week's fomc meeting exemplified the very best of the feds traditions rigorous debate open-mindedness commitment to mission responsibility and accountability for performance in this business they all add up to one thing getting monetary policy right or as near to it as we can do that is our north star my colleagues and i are here to serve our legislative remit which you've heard us say before price stability and maximum employment and these objectives guided our business in the meeting just concluded as you saw a few moments ago the committee decided to maintain the target range for the fed funds rate at three and a half to three and three quarters percent in support of the fed's dual mandate the committee also reaffirmed its policy of maintaining ample reserves in the banking system economic activity is expanding at a solid pace despite elevated uncertainty that owes in part to the conflict in the middle east productivity growth and capital investment both strong job gains have kept pace with the workforce and the unemployment rate has changed little we recognize that inflation has been running well ahead of the fed's long stated inflation goal of two percent that's been going on for more than five years persistently high prices are burden for the american people but the recent past need not be prologue i am pleased to report that members of the fomc are unambiguous and unanimous this committee will deliver price stability at any institution a change in leadership is a natural and timely opportunity to reaffirm its mission to review current practices and to consider whether those practices best meet our objectives my fed colleagues and i will be working in close collaboration to ask what changes might improve the conduct of monetary policy on that score you might have already noticed something a difference in today's policy statement it's a bit shorter a bit simpler and it dispenses with some older language that statement just gives you the facts as best we can judge it absent also is so-called forward guidance which we agreed was not well suited to the current policy conjuncture what this afternoon you also received the usual summary of economic projections it's been the practice of this committee for participants to submit these projections and I have encouraged my colleagues to continue to do so I however have refrained from offering any projections of my own consistent with my long-held views on the scp at least as currently structured in the median projections real gdp rises at 2.2 percent this year 2.3 percent next year and total pc inflation runs at 3.6 percent this year 2.3 percent next year the unemployment rate stands at about 4.3 percent the median participant judges that the appropriate federal funds rate to be at 3.8 percent at the end of this year and 3.6 at the end of next let me turn now to a few words on a key initiative that we're announcing today I'm appointing a task force in each of five areas that are central to the broad conduct of monetary policy first fed communications second the fed's balance sheet third our use and reliance on existing data sources fourth productivity and jobs in an era of transformation and last the fed's inflation frameworks these subjects are timely consequential and in my view worthy of a fresh look my colleagues and I discussed them with energy and purpose over the last couple of days for each of these independent task forces I'm enlisting some of the very best minds both inside and outside economics profession they will be supported by subject matter specialists from our superb fed staff and they'll have a straightforward charge start with first principles ask hard questions examine current practice consider alternatives and ultimately propose next steps for policymaker consideration since last summer my colleagues discussed possible improvements in the form and function of fed communications this new task force will build on that effort and I expect propose some well-considered changes including to the scp I mentioned a few moments ago the second task force the one on balance sheet policy will review the benefits and risks of the current ample reserves regime and the composition of the fed's balance sheet they will assess alternative frameworks for the conduct and operation of monetary policy the third task force the one on data will evaluate new information sources and consider methodological changes to improve data gathering with the aim of giving policy makers more accurate relevant contemporaneous and perhaps most important actionable information on the state of our economy fourth the task force on productivity and jobs it'll survey the pace the reach economic impact of new general purpose technologies including AI and explore the implications for the pet for the fed in pursuit of our employment and inflation mandates the last task force the one on inflation frameworks that'll examine the drivers of inflation first principles and weigh the full range of ideas for delivering price stability in a changing economy you'll hear quite a bit more about these task forces and this overall initiative in the coming weeks enough for now to make a simple statement each task force will serve an objective shared by everyone in the system shared by everyone around that table that I sat with over the last couple of days a federal reserve that is clear-eyed about its mission fit for purpose and focused on the future and with that I appreciate your attention I'm happy to take your questions [00:43:37] Ricky: all right [00:43:40] Speaker 3: hi chairman Howard Schneider with rotors good to see you again and and welcome back this is a lot to be putting in motion so fast what is the timeline you have in mind for for each of these so [00:43:54] Speaker 2: I think it'll depend on the task force it also depends on the urgency in which we need clear answers my expectation I'm still in the business of recruiting and finalizing them my expectation is the task forces will begin work in the next couple of weeks and we'll start to get some more information from them some more framing of how they see things starting in the fall and hopefully most if not all of them concluding by year end [00:44:21] Speaker 3: and uh just specifically on the inflation uh framework you talk about first principles does this include a review of the two percent target itself uh you've mentioned that things to the right of the decimal point don't matter uh should this be starting from a premise that two percent as a point estimate is is too strict let me break that into two pieces [00:44:43] Speaker 2: first on the inflation framework review their remit is what are the drivers of inflation what's the fed's responsibility for inflation in part how do we measure inflation but that'll overlap with my data group uh on the two percent inflation objective that is the federal reserves long held objective of two percent you've heard me say before uh I tend to focus on the left of the decimal point well the two is the left of the decimal point for now zero is to the right I see no reason until we have re-established our commitment and ability to deliver on the two percent inflation objective to revisit that so that'll be outside the scope of what we're taking on [00:45:27] Speaker 4: colby thank you so much colby's with the new york times even the past said that inflation is a choice and in the policy statement um it includes this pledge to deliver price stability as you've reiterated today but looking at the scp the bulk of your colleagues expect core pce to run around 3.3 percent by year end and for the two percent inflation target not to be reached until 2028 so I'm curious how patient you think the fed can afford to be at this juncture in terms of waiting for one-time inflation waves to wash through and for flying inflation to step down after so many years of inflation running above target and under what circumstances you would support the fed taking some action and raising rates sure so quite a bit there let me let me try to break [00:46:15] Speaker 2: that into pieces first we have the capability and commitment to deliver on our price stability objective of two percent that's exactly what we're going to do um that in the fed's review of its strategy over the last any number of years in january the fed including the strategy that we're still bound by the fed statement says that inflation is primarily determined by monetary policy you bet it is i've said for years inflation is a choice you bet it is and today i'm announcing that this committee unambiguously and unanimously have decided we are going to deliver on that the rest of your questions sounded like a encouragement for me to give forward guidance uh we've dropped forward guidance uh some along the committee i think dropped it i suspect from our discussion the last couple of days because they said at this moment in time it doesn't feel as though providing forward guidance is right others have i'd say different views and think as a general proposition forward guidance isn't the business we should be in but that'll be taken up by the task force on communications and my policy maker colleagues we're going to listen hard to what the experts say and make our own decision um but i can't give any forward guidance about what we're going to do next the good news [00:47:35] Speaker 4: is we'll be meeting in six weeks so just following up i guess on the current policy settings then i am curious how restrictive you think things are at the current current moment given the flow of data that we've seen and you know forecasts that are coming down the pipeline yeah i've heard characterizations both [00:47:53] Speaker 2: inside in the fed about that i'll give you my own it's uneven if i look at the housing markets as one example uh fed policy isn't the single determinant of the state of the housing market but broadly i would say their fed policy appears to be somewhat restrictive i would have a hard time uh managing to say those words if i were to see what's happening in financial markets so i'd say it's uneven that's perhaps a function of different transmission mechanisms of monetary policy whether monetary policy is coming from our interest rate tool or a balance sheet tool but the good news we have a task force on that too and the balance sheet task force will be looking more at that subject you said you don't [00:48:40] Speaker 5: like uh forward guidance you dropped it from the statement this time but with the dot plot nine members suggested that they want a rate increase by the end of the year and the markets have taken that as forward guidance so what does this mean in terms of how you guide the markets and in terms of uh what the dot plots future is [00:49:05] Speaker 2: i'm gonna have to give you the same answer i gave to miss smith we've got a task force for that um i'll [00:49:11] Ricky: give you a little bit more i don't understand he has a task force that he's hiring that's not part of the federal reserve when we have a committee that is missions were coming in with pencils you know those [00:49:22] Speaker 2: kinds with the big erasers um that's to say that i think my colleagues around the table when they submitted their dots understand the world is changing quite quickly and they didn't feel bound by them six weeks from now or six days from now and in the event that their circumstances change um i'll note a couple other things what i heard around the table was as they submitted their modal forecasts their modal forecasts to be clear weren't this was more likely than not this was this was more likely than their other scenarios so i didn't hear uh tons of conviction what i heard was the kind of humility that i think we should have i did not submit a a dot for me it's not helpful in the conduct of policy i suspect by year end as i mentioned in my opening statements there'll be a review about communications broadly press conferences dots meetings and the like transcripts minutes this will be part of that i don't want to prejudge the outcomes there but i'm pretty open-minded about what they could be and i was just incredibly impressed over the last couple of days my colleagues over the last two days and frankly the first three weeks i've been here they've been very open about changes changes and easy changes filled with risk but our number one goal is to get monetary policy right way to get monetary policy right is to deliver on the remit that congress gave us to deliver on price stability and there was uh no disagreement on any of those points at the [00:51:00] Speaker 5: risk of uh possibly getting the same answer about task forces uh communications uh what is your feeling about these news conferences are you going to continue one after every meeting uh do you think find them useful uh what is the future for the way kevin warsh will communicate well this one's probably got [00:51:20] Speaker 2: another 15 or 20 minutes in it so i don't want to prejudge the outcome um uh press conferences can be a very useful way to communicate with households businesses and more broadly through using the likes of you i had a great old mentor named george schultz and his mantra was press conference are useful but when you have one you want to make sure you have something important to say today i think we have something important to say about our commitment to deliver on price stability our commitment to rethink practices with an eye of moving the fed forward nasdaq market pulling back when the american people have sense that these aren't idle thoughts these are concrete thoughts that we're going to seek out the best minds both the best thinking inside of the federal reserve and the best people i know in business and economics and the academy and technology and the rest to share their views that's what we're going to be doing here the pursuit of truth i think we're going to come up with some new and interesting things we made some changes today i expect more changes to come uh and uh and some of those might well be worthy of a press conference [00:52:31] Speaker 6: hi uh chris regaber at associated press thanks for uh taking our questions um could you give us a sense of how you see inflation more in the long term i know you may not want to comment on the ups and downs but is this mainly driven by energy prices in the iran war at this point or do you have any concerns about [00:52:48] Speaker 2: underlying inflation pressures in the economy thank you so i can't do much better than than the committee just did so let me let me restate it inflation remains elevated relative to the committee's two percent goal in part reflecting supply shocks that have driven price increases in certain sectors including energy that's paragraph goes on to say but to be clear the federal deliver price stability my own judgment is the committee spent quite a bit of time not just in two days but over iterations of a couple of weeks that's what we're prepared to say about inflation but the commitment to deliver is strong unanimous and unambiguous and that's i think an important message we've missed for five [00:53:33] Speaker 6: years and uh and we're going to fix that well great and then just on your the the data task force and everything else i mean generally speaking uh i think people feel the feel the fed looks at everything already certainly that was the sense from before uh what's is there data that you feel is not given enough weight uh i mean you mentioned the trimmed mean in the past but again that's well known to certainly most fed members so what is that task force looking at and and what what might be the i mean i know you don't want to prejudge the outcome but are there examples of data that you expect might be [00:54:06] Speaker 2: given more weight thank you so you're answering my question so let me say i don't want to prejudge the outcome i also don't want to say too much about what they're going to do because i still have a phone call or two to make before i've nailed down the people that are doing that um i'm interested in what the outside experts view is on the subject i'll say this generally um most of the data that central bankers and other government officials in the united states consume come with old-fashioned survey methods uh a national accounts of the what the u.s economy looks like that looks very little like the u.s economy in 2026 survey methods that don't have response rates that we need asking questions that might have been quite applicable a generation ago that are less applicable now so even inside of official statistics i would be open-minded if the task force and our own best thinking had recommendations how those official statistics can be brought up to a standard of of our time using new analytic methods and also say this almost every private company ceo that's running his or her business are doing so with real-time information that isn't subject to much revision that is telling them what just happened at that very moment as you know there are normal long and variable lags in the conduct of monetary policy what we're really interested in is what's happening right now what we're less interested in is echoes of history and you're hearing from my answer that some of the data that we receive that we're waiting on the first friday after the month the payroll index or something else that might be an echo of history that's quite useful on its third revision we need to take those error bounds down because we have to make hard decisions in real time i'm really open-minded that there is a lot of new data sources that we can learn from the private sector from reforms in the official sector and new analytic techniques that are far more refined than asking a simple question about [00:56:16] Speaker 7: whether something was core or non-core edward thanks welcome mr chairman edward lawrence with fox business so if you don't give a lot of ongoing forward guidance won't the markets have more volatility and shouldn't americans have more access into what you're thinking going forward um so i think financial [00:56:38] Speaker 2: markets perform best when they react to incoming data i think they the financial markets work less efficiently when they ask a question how will the federal reserve react to that incoming information the more that markets are paying attention to what's happening in the real economy deciding what's good data and what's less good data the more financial markets can price what they believe is the most likely and what are the tail risks financial market prices are probably the most important source of information to guide central bankers but when all the financial markets are doing is reflecting back what we've said then we're taking the most important source of information and we're being blind to it i'd like us to create a system where those blinders come off where markets are following data that they efficiently think is reliable and they'll be watching data we'll be watching data they'll come with better information through market prices to us we can make more informed decisions with ultimately the goal that i said at the outside deliver on the price stability objective that congress told us to do [00:57:51] Speaker 7: and that we've got to get in the business of doing yeah if i could take you in the meeting a little bit um to your first meeting that the board members seem fairly hawkish when you listen to in general when you listen to what they're saying was there any discussion of a rate cut going forward today [00:58:08] Speaker 2: there was one proposal on the table there was no discussion of any other proposals the discussion on that proposal i would say was quite limited the group was unanimous and no ambiguous on it it has been the practice of of this central bank and others to have a range of alternatives today we had one i thought it further discussion deepened it and made it clear what we needed to do and how we need to deliver i wouldn't prejudge what happens in the future but there was only one big subject for us we took it on we had a good family fight on it for a couple of days and we ended up i think in a better place [00:58:55] Speaker 8: thanks a lot claire jones financial times um you know coming to this blind reading this very nice short statements that i think we've all appreciated in the room um one might wonder why you didn't raise rates today considering what you're saying here um about the the risks to u.s inflation and your mandate um i guess why not and what would you need to see in order to get to that place um and secondly on your task forces are there any best practices at other central banks that you'd consider looking at [00:59:32] Speaker 2: thank you yeah i'm glad they're in the practice of giving you two questions because my answer your first question was to be very curt i've got nothing more to say than the statement itself and to the point of the question i got before market reactions to what we say unfiltered i think is more helpful than having delivered a statement meet and improvising further upon it best practices of task forces this is subject i've thought some about i've been on a task force or two in my life best practice find the best minds um ensure that the task force [01:00:06] Ricky: am i the only one that he keeps talking about this task force which first off i like the i liked the idea of like coming in with like new approaches sure but is that not the whole point of the fed committee he's talking about hiring and working with the best minds in the world for this well then why do we have the people in our current committee if they are not the best why do we have why would we have people that are not part of the committee advising the committee that was voted to be a part of the committee that's the part that just doesn't make sense to me at that point it's you choose who you hire and then those people will be advising the committee and then you will decide what data to report and [01:00:52] Speaker 2: what not to report moving forward i don't get that team people around the table these will be our decisions we can agree to some of the recommendations disagree with others have a good family fight about it but what comes from them will i hope and believe make the discussion we have internally better stronger um more of a dialectic so that we can finally deliver on that price stability objective just a [01:01:21] Speaker 8: quick follow-up on your your market's point if you look at two-year yields there and i was letting the [01:01:28] Ricky: guy talk i wasn't trying to butt in too much but you're asking for an update on my intel position i was taking positions or i was adding to my short as it gapped up um i don't what's your name ahama bubba i don't know what what your name is but um i'm up four thousand dollars i'm chilling dude i did take a little bit of loss when it went against me added more to it and now we're doing just fine so i'm sorry that you're so focused on my position but while you were fixated on my position i added more to it and now i'm making a little bit more money again just whatever your name is i can encourage you focusing on yourself will make you more money i was focused on my trade and i was focused on trying to listen to what he was saying i really don't care if you like my short or not just wanted to let you know [01:02:28] Speaker 9: hi there chairman worship brian chung with mbc news thank you for taking our questions so when you say that we've dropped forward guidance for the layperson that might sound like the fed's going to say less or offer less insight into where their borrowing costs might go so for the person that maybe you might run into at the grocery store where the price tags are rising at a faster pace than their wages at the moment how would you explain it to them i don't know if task force might be the answer there but how would you kind of communicate this era this chapter of the fed if i told somebody in the milk aisle that [01:02:58] Speaker 2: i had a task force for that i think that would be doing a very poor job so i appreciate it um if i saw somebody in the grocery store what i would say to them is that we cannot have a very significant effect on particular prices the price of oil in the markets today or even the the price of a dozen eggs that does not have first order consequences to what we're doing but we do have a really important job there and it's to make sure that those changes in oil or beef or eggs or milk don't broaden in the economy don't have second and third order effects that's our job that's our commitment that's our [01:03:36] Speaker 9: capability we're going to deliver on it and then is the fed's relationship with the uh treasury also under review there was the normal uh breakfast meetings with the treasury secretary is that something you intend to continue doing and have you had conversations with the president since you're [01:03:51] Speaker 2: swearing it so on the president i i don't have anything for you um with respect to the treasury secretary he has been posting pictures of our breakfast so i don't think i can i don't think i can and deny that [01:04:03] Ricky: i've covered a portion of my short position just an update for our lpp traders weekly i think we've [01:04:09] Speaker 2: pulled off three of those so far i believe he's overseas this week so this will be the exception of the rule i think they're very useful discussions the central bank's objectives and our roles and responsibilities are quite delineated from the fiscal authorities and in my view monetary policy is independent in the conduct of what we do but that doesn't mean we're not interested in what's happening with the fiscal authorities the way i think about it is this central bank needs to have a wide lens but a narrow remit we need to be quite interested what's happening in the world i won't be breaking any news here to suggest i'm quite interested what's happening in the middle east that does have some effect on our day job it doesn't mean it's our responsibility but i think we're going to keep a wide lens and my meetings with secretary bestin to this point have helped widen that aperture so we're aware of things that could affect our day job even if it isn't steve [01:05:13] Speaker 10: steve leesman cnbc mr chair thank you mr chairman thank you for taking my question um you had said in the um before uh you became chairman that you thought productivity was a reason why the federal reserve could lower interest rates do you still believe that to be the case so the committee had a discussion of [01:05:34] Speaker 2: productivity today ai came up the way i thought about it before and socialized with the group is that artificial intelligence the latest generation of general purpose technology is perhaps as important uh change in the economy and business and households that we've had in my adult lifetime it is filled with both a huge opportunity and with risks i take both of those very seriously um you may have heard me say before that ai is shorthand perhaps for american ingenuity that doesn't mean that it's going to be easy that certainly doesn't mean it's not going to be disruptive but over the long term my conviction and i heard quite a bit of support for this around the committee today the united states is a winner as we go down this the united states is ultimately going to be better off in that now to bring that back to the conduct of policy timing scale speed implications for output and employment it's one of the things we have a task force to do if you don't mind a follow [01:06:46] Speaker 10: up from the other side which is that when you look at the strong job growth that's out there the elevated inflation gdp seems to be going pretty good and the stock market seems to be soaring do you look around this economy and see the funds rate being restrictive so that's your second question i'm going to give the [01:07:04] Speaker 2: same answer that i gave before i'd say as i think about the conduct of policy what matters is what's the effect of policy not what do we say but what happens and the best way i can describe is it's uneven i do see some restrictiveness and things like housing it's hard to use those same words anywhere else i'll just make one other point um you talked about one of our dual mandates and the employment side i don't believe that we have a cruel choice i don't share the view that was expressed a few generations ago that federal reserve chairmen show up at a podium like this and say you got to choose and you're going to have to decide whether you're willing to tolerate higher inflation to put more people at work i don't believe in that what i believe is if we do our job we can make strong growth low prices and strong employment mutually compatible and so what you heard from the committee today is we've got some work to do on this price stability front nick thank you nick timoros with wall street [01:08:15] Speaker 11: journal uh chairman morsh you've said repeatedly credibility is earned by delivering if credibility requires delivering the move would be to tighten or at least to threaten to now you didn't do that today [01:08:28] Speaker 2: why not that judgment you expressed was not expressed by any of the 19 people around the table we'll be [01:08:37] Speaker 11: meeting in six weeks we'll take up the issue again and if i could ask about ai the build out is generating enormous demand right now capex data centers power the productivity payoff may be further out so in your judgment today is ai adding more to demand or to supply it's a good question um at the central bank in [01:08:59] Speaker 2: the economics profession what we spend most of our time doing is counting demand it's easier we can see it we can count it we can check it we can revise it um what we do though is we infer supply you'll notice in the second paragraph of what one of your colleagues described as a very short statement we have a sentence on the demand side and a sentence about the same length on the supply side they're both important just because we can count one better than the other doesn't mean we're going to favor one more than the other with respect to ai and the growth of data centers and infrastructure around it we're counting the demand side and it is no doubt showing up in gdp figures we can be less certain when we infer the timing and extent of the growth and supply side it may well be an intuition the supply side is going to expand but it'll take longer i just describe it this way there's a race between supply and demand milton friedman says that the only thing we know about economics is that there's a supply line a demand line they ultimately cross when they cross and one of the implications for policy the good news [01:10:11] Speaker 12: for you is we have a task force for that andrew thanks mr chairman um uh it sounded like uh on the task force on data that that you were looking at overhauling or completely overhauling the system of national accounts the way the government minds the economy is that your ambition [01:10:33] Speaker 2: um in a word no uh in a few words much of this data gathering happens in other government agencies to which we owe a tremendous amount of respect tremendous amount of deference but if in the course of this we come up with recommendations which fed staff have already begun to develop about things that they could be doing to help inform us as policy makers we're not going to hesitate again i don't want to try to delineate the four corners of the research of the task force on data but i do think there will be a review of official statistics and at least as important a view of bringing the best practices from the private sector and new analytical tools made possible by ai so we can forge these into a fabric that gives us better real-time information so as i mentioned before when we're making decisions we're making decisions that we'd say are real contemporaneous data not data that we call contemporaneous that's really an echo of [01:11:37] Speaker 12: history okay um thanks uh the other question i wanted to ask is uh related to the the building renovations are you considering any changes to the renovations the projects um just in light of the fact that they became kind of a political football in the last year i heard something about that um uh i don't think i'm [01:11:56] Speaker 2: breaking any news but my view when you show up at a new institution you should go meet with the inspector general just as a matter of good practice um it's a practice that i hope to continue i've had one meeting with the inspector general and he told me what i believe the world knows which he'll be coming out with a report on the building and the building projects at some point later this summer and i'll be interested in reading the report from my perspective with a forward-looking glance is there anything that we can be doing or should be doing from this moment until the completion of the project to do what we can to be good stewards of taxpayer money and uh make sure that the we're delivering on the the promises that we made uh some more work to do you might not be surprised in the first few weeks i've been somewhat preoccupied on other matters but i promised it to to get to the full breadth of the feds uh tasks in the weeks ahead victoria [01:12:58] Speaker 13: hi victoria guida with politico um so i know that you did not submit a forecast but you are the person who is authorized to speak on behalf of the fomc so i'm wondering if you could tell us in the scp the increase in the expectations for inflation is that all because of the iran war what was the discussion around what would the expectations for inflation being higher and and also potentially [01:13:22] Speaker 2: growth being slower so um my read of what i heard in the room reflected i must admit the seps is half of my colleagues thought the policy rate given all those developments should be at this level or lower between now and year end and the other half thought higher um that 19th voter was me and i didn't submit one um there's a range of views on the questions of of uh first and second round effects uh no resolution or conviction but we'll be meeting again in six weeks i think we're going to know more then and i think that my colleagues are very attentive to incoming developments between now and then and can i just [01:14:12] Speaker 13: quick follow up on the scp you said that you're still encouraging your your your fellow committee members to submit forecasts even if you're not doing it so what do you think is the benefit of them doing [01:14:21] Speaker 2: it even if you don't that's the commitment that the fomc made and it's a commitment that i hope we live up to commitment we made was to deliver price stability i expect us to live up to it by the time we get to the end of this year as i mentioned i wouldn't be surprised if there was a new communications framework there were some changes the scp that's a committee discussion a robust discussion i think we'll have it i believe we're going to come to a better mix of communications to deliver on what we promised but i wouldn't want to prejudge what those are but between now and then i would continue to expect colleagues to submit their scps some of them i think believe that the practice is currently structured is okay but i heard a lot of interest in real reform generally about all these topics uh you didn't ask it but i'll answer it was a it was a pretty gracious couple of days and it's been a pretty uh warm few weeks the institution wants to he's not answering the question [01:15:31] Ricky: why have the committee submit an answer but not him what we've done in the statement what we're [01:15:37] Speaker 2: thinking about doing with respect to the scp that instinct towards a new chapter is a real one and by the end of the year i hope we can put some points on the board both in form and in substance of delivering [01:15:51] Speaker 4: but i'm going to end up for the last question [01:15:55] Speaker 14: in bloomberg news could you guide us through please some of the principles that guide your own reaction function and tell us a little bit about the kind of conditions that you think [01:16:05] Speaker 2: when the fed should respond um it's going to be a very unsatisfactory answer to the final question the federal reserve uh has a lot of responsibilities not just in monetary policy but in supervision and regulation consumer affairs and payments my own view is our credibility comes from delivering on what we're saying we're going to do across everything we do um i've devoted more time in my first three weeks to monetary policy than all those things but the more we deliver on our promises as good supervisors and good regulators the more benefit we get the more credibility enhancement we have in monetary policy when we deliver on our price stability which we will the american people will feel as though the hardships that they've been living through in part because of inflation the last five years on the rear view mirror and that credibility will have dividends uh dividends across what we do and the institution will come to press conferences like this always with an impetus to reform always with an impetus to to to do better but we're going to put some points on the board labor data in recent months [01:17:20] Speaker 14: how would you sum up the liquid data labor market right now do you see it as stable and potentially a source of inflation thank you yeah so so the committee uh if i were to try to [01:17:31] Speaker 2: capture how the committee thought about it the committee thought that the labor markets were stable there were some people around the committee who thought that it was trending better than that trends matter more than data points uh what's happening over three or six months matters more than any one data point any one data release and i'd say the jobs data has been moving in a good direction if i heard one other thing around that subject over the course of the last couple of days what i heard was that strong productivity led growth is not something that we fear but something we embrace thank you all very much [01:18:17] Ricky: okay um i don't want to say anything negative because sorry i don't want to say anything negative because a lot of it was just very vague and i think i don't think anything he said was technically bad it was just different and it's also his first meeting um the biggest thing that stood out to me is the task force there is no question that you can tell that he is willing to try new things try new things and it seems like he's very confident at least that's how he's presenting himself which is great right he has confidence in getting to that two percent mandate and job stability um i think his tone is gray everything looks bullish in that sense right he talked about ai and incorporating that it all sounds good will it work only time will tell i think at the end of the day all you can ever do is not pray for this new person in power to fall apart and fail but it seems like he is going to be willing to try new things as he's made very clear there could be short-term pain in hopes of can they be more aggressive trying to pay attention to more real-time data and will it actually turn in our favor what were my biggest takeaways from this um this task force he says that this task force that he will hire which i believe doesn't really make sense because the federal committee is supposed to be independent they were voted into that position and they should be the ones deciding if they are not the best then they shouldn't be in that position that's just my take on it why are you bringing advisors because that's what it is it's just another name for it a task force that will be advising this committee to make decisions because at the end of the day you are hiring this committee this task force so therefore their narrative or their bias is something you get to choose or whoever you are working with right so then therefore those advising are likely to present data that is favorable for their bias that is what i thought the whole point of the federal committee was is they are the best so they do decide maybe that's just me there is no question that the idea of some change being needed i think we're at a point where with how inflation is we have to be open-minded i like that idea of like trying something new even though it might not make sense to me right now why would i judge this guy he seems he does seem like a very sharp individual he didn't give very direct answers and i do not like how he kept answering things with the task i'll have a task force for that it almost sounded like a meme with that being said he seems like a sharp individual it is his first meeting and it seems like he's willing to try new things in hopes at least we can hope that it's in favor for the two percent mandate of inflation and job stability i have no reason to judge him or shed any negative light do i like that he didn't give a point or didn't share or vote on a point on his guidance for where he expects the fed to be but he he's like well that's what the federal federal committee was voted for and brought on for they did it but i didn't but he didn't give an answer why he's like there's change that's going to be happening and i wouldn't be surprised if possibly this change later down the road we might not be presenting data in the same way which again it's um i see a lot of people sharing negative feedback on him it's change change is uncomfortable you guys know that first like you guys know that i haven't always been in favor of the recent things that trump has been doing i don't i don't the reason right off the bat i don't like the idea of this committee is because trump brought on this individual and if trump can also have influence on this committee and that's a loophole because it's not the federal reserve it's the committee it's the task force the advisors and if you can have influence on the advisors then you have some form of influence on the committee that's the only thing where i can see people kind of like have ground on to be speculative in all we can do is hope i mean he has the job he's going to implement these changes and we hope that it's in our best interest it's not like we were heading down i i did enjoy jerome powell jerome powell was very um not just i don't want to say soft spoken but he wouldn't over speak he wouldn't comment about the markets and this guy did he made a lot of comments about the markets and how the markets sometimes know more data than the federal reserve i don't believe that at all like the markets always get ahead of themselves they're a leading indicator while the federal reserve was lagging so again but change right and you kind of have to entertain it because what we were currently doing wasn't fully working so do you see how like i can easily hate on this if i wanted to no he's doing this he's trying to change this all this stuff but what we were doing wasn't technically working do you get what i mean so like that's why i think it's important to possibly be open-minded to this change right you guys know that i have no problem criticizing people that i either don't agree with or don't see eye to eye with even if i voted for them i've done that with trump i voted for him there's a lot of things that he's done that i don't agree with i voted for an individual i don't praise that individual he's just what i saw to be the better of the two options that's all there's a lot of things trust me a lot of things i don't agree with that he does and i would expect that we have kind of the same tone with this individual we're all investing in the market our time and our money i think it's important to approach this in a open-minded way yeah he's going to be implementing some change i just i i hope that the change is in favor for the american people and as we learn more about these changes it was so vague today that it's hard to form any judgment when all he continued to answer questions with was i have a task force for that we don't he doesn't even know who the task force is he still said that he has to make a few calls this in my opinion um it was interesting it was the most obviously it's it's a new guy it was the most interesting committee uh or press conference i've hosted in a while what's your take on it weird that the market went up i don't think it's weird at all ignore what was said all all comments aside have you ever traded an fomc meeting there's nothing crazy about this the sell-off that happened before right uh oh no that happened after the rate decision the recovery and the sell-off we're still trading in range nothing new it's pulling back a little bit i think it's because of how vague he was and he didn't vote it's just there's uncertainty he didn't vote on his own guidance and we don't know the measure in which that they're going to like continue to give this guidance that is important for the market at least it has been but he has a different approach who am i to judge that he seems like a very smart guy just like jerome powell i don't want i'm not it'd be so naive for me to i'm covering my short just so you know um it'd be so unfair to judge this guy so quickly i can form a negative opinion about someone yes uh just because i maybe don't understand fully what they are doing because remember it's people that don't understand that judge you know the the problem or the change and i'm all for judging but i don't understand and i don't think he fully expressed what he was going to do completely right he was vague with the task force uh these were my uh this task force is pretty much like a form of advisors that he's still working on hiring um he doesn't he pretty much shared that there might not be he's like okay well if there's something to say during these meetings we might host meetings but if there's not something to say he didn't say that they won't host meetings but it was almost insinuated at least that's what i took it as and i don't know if the if the market would like that change but again it's kind of remember trump is also trying to implement the possible change of public companies not having to report earnings every quarter and maybe just twice a year it's people don't like change because we're used to our our old way of doing things i'm not saying that i like it i'm just saying that like let's not be quick to judge what do you think i think he was as vague as a fox i agree i just don't want to judge him off his first meeting there was just so many questions and there was a lot to be said he made a lot of comments that i don't think jerome powell would have ever answered because it has to do with the market and how it influences the market yet he talked about it so that could be completely different the the previous variable and some people are going to love that and some people are going to hate that we didn't have to worry about jerome powell making comments about the stock market because he wouldn't cross that line maybe this guy doesn't care i might not like that someone else might right no dot for him on his guidance markets will tell us i didn't like that comment i don't like him making decisions as the head of the federal reserve based off of markets and i don't know if that's exactly what he meant but what he should be doing as the head of the federal reserve is to focus on price stability and inflation for the average and all americans and that is not i don't believe the stock market is a representation of the average and all americans maybe that's just me again i'm not a fan of that i'm obviously invested in the market but i don't believe that decisions should be made based off of market data or reaction when the market is known to always get ahead of itself do you get what i mean ai being used i thought that that was interesting um he's optimistic and very confident that they will be able to do both he he reassured people that he was like i've i've made it very clear before here i'm buying to cover another 250 shares i made it very clear before that inflation is a choice i don't know if maybe again i'm i can be quick to judge but is that you know are you is he getting ahead of himself he's coming in too hot too confident some people might not like that but it doesn't matter what if what he does implement can spark change and good change we won't know until we do right we'll see um yeah those are my comments what do you guys think let's hear your feedback uh and just so you could see my intel short again i've closed the portion of it about half of it i'm up around seven thousand dollars on the day it wasn't just the short i definitely added a lot more to it at these overbought levels and then i began to cover as it began to fall but i traded it on the way up i traded it on the way down with our lpp team also in the live chat of our live stream which again you don't have to join lpp if you don't want to i upload a bunch of free videos here on youtube but if you want access to our daily live sessions that's 50 off it's a one-time payment lifetime access we have members that signed up in 2018 that still have access to it today there will never be a bigger discount than that i'm just letting you know on top of that the first link in the description down below also is 50 off for investing pro so i just wanted to make sure that you guys were aware this task force is going to kill the market um is what someone else just said i don't know i we need to learn more about this task force and the reason i'm not a fan of this task force is i thought the committee was just supposed to i mean they got voted into that position of power if they are not the best then they should be replaced by the best why is there a committee that is not mandated by the same laws and rules advising the committee that is that can be swayed based off of a bias because the advisors don't hold the same role responsibilities or regulations that board members do or maybe they will i don't know we don't know enough about this task force they're advisors that's what it is i just don't think he wants to say advisors but that's what they are the lack of details no bullish it's uncertainty it has to be right again i want to remind you um even if you click the second link in the description down below all of you need an economic calendar we provide it for you for free on our home page again all you have to do is every single day it can tell you on a weekly basis it can tell you on a daily basis this is all provided for you for free just like today what we saw was the fomc rate decision it provides it for you the schedule every day every week you should be aware of the different and series of reports that are set to be released on a weekly basis my entire lpp team they all have access to their own economic calendar and you should too there should be no excuses oh but i didn't know that tomorrow one hour before the market opens there's a you know initial claims and continuing claims report oh why didn't know this week that there's a fed balance sheet oh i didn't know this week that all on friday the markets are closed due to juneteenth day again on a weekly basis your job is to be aware of what can influence the market based off of your investments and trades that you choose to take i just hope that they are not people hired by the admin like a contingency of him getting elected was to have them i agree again the fed is supposed to be independent influenced by no one but if the people that they hire as advisors are influenced by the man on top that in return is kind of a loophole in being able to advise this independent committee he will forge the data again i don't want to make assumptions it's way too early the biggest thing guys you guys know that like it could be so easy to hate on this guy because he was so vague he continued to reiterate task force he doesn't have his task force nor did he provide any information really about it it's not like what we were doing was working incredibly well and that is the thing that i want to point out it would be so hypocritical to be judging what can work if what we are already doing isn't working do you get what i mean we have to be open-minded i'm not here to say that it's gonna work we can look back at this six months from now 12 months from now and be like wow like this really did not work but sometimes you have to be willing to try new things and sometimes that does lead to failure we'll see right that's all we can really do we'll see um i'm excited to do my part in trying to keep you guys up to date and again a lot of you people that call me what is it per perma bull or perma bear i don't know what you guys always um a lot of because i short often intraday i want to remind you my lpp team knows this my law my largest positions are long term on top of that you know how easy it could be to hate on this guy and to spread panic about what just happened i want you to notice that i'm not doing that there's no reason to i like talking my i like being petty when i can and when it makes sense i don't think this is a time to do that right i wanted to approach this in a level-headed way i have my opinion i have my bias but also we need to be realistic what we were doing wasn't fully working so why would we judge something new is he going to be advised by trump and is trump going to have influence on these advisors you can make assumptions or you can wait to find out right just like i can i'll do my part in keeping you guys up to date i think again we we have to be optimistic right off the bat nasdaq market with the initial reaction after and during the report it doesn't look like it likes it who knows right we're still waiting for the iran deal will it be signed it can be signed today it can be signed tomorrow maybe you'll be signed friday that can cause markets to prop up don't let short-term volatility make you make permanent mistakes or permanent decisions that lead to mistakes right is this an opportunity to buy the dip to go long think about it plan it out what are you looking at right now sentiment looks to be uncertain maybe you let it bleed a little bit longer maybe your position size is a little bit lighter maybe you don't be super aggressive right now or maybe you view it as a big opportunity and you want to be super aggressive because you can tolerate that risk we're all wired in different ways don't be impulsive be calculated we provide you the tools to be able to plan out your trades for free right using our risk calculator plan out your trade understand your ratios understand your profit and loss potential potential and you're not going to be perfect it's not going to always lead to a green trade but it's a calculated and intentional trade and that's all we can ever hope for right all right yeah i did see that for the logo i know on dark mode you can't really see it here on the left hand side i don't really care about the logo but i do agree that um it does look different obviously not being used so i'll figure something out with that so i'll continue to work on it if there's anything that you guys want to see on our lpp home page again this is for members and also for non-members right you're all welcome to use this obviously if you are part of lpp you also get access to our daily live trading sessions which is very similar to this live stream but it starts at market open so you get to see my screen you get to see me initiate trades share my thought process not to copy but to understand the intentions behind the trade remember you learn nothing by copying but you learn everything by understanding and that's the whole point of these daily live sessions one-time payment lifetime access it's 50 off and it's provided for you in the live chat if you want the discount or it will expire by the end of tonight so again you can sign up today and start watching me trade live as soon as tomorrow if you have any questions whatsoever message me on instagram don't comment down below don't message me on discord a heads up there's a bunch of fake accounts pretending to be me messaging you i'm verified on instagram and i have one account i will never message you i don't trade for other people i don't have a crypto fund i don't even believe in crypto i don't trade forex i don't manage funds for other people the only service that i offer is lpp and it's just daily live sessions that's all if you want to be a part of it great if not just subscribe to the channel that's all i offer nothing else don't be fooled by these fake accounts okay everything is linked in the description down below i hope to see you for our live session don't forget to drop a thumbs up subscribe to the channel like always let's make sure that we end the year on every note take care