Test us one two three. Test Test One Two three. what's going on guys? it's Ricky with talk about solution. So today June 21st uh looks like Jerome Powell is just a little bit late.

uh but he will be speaking in front of Congress so just making sure that you guys are all aware of that. So um, it should be any moment now that he should be jumping on uh as according to this right should resume shortly. So there it goes of his cell. 1500 Big big push today on Ask EQ 3.43 so far about to test.

Twenty dollars a share? All right. Okay, all right, nice little pullback here. See if we can retrace back down. Uh, once he begins to speak, um, we will.

I'll put the microphone closer so you guys can hear the screen but there's nothing going on as of right now. Okay, so that's why you guys can't hear anything. So if it's not too much to ask, uh, hopefully we could earn your thumbs up in on this video. Uh I Appreciate you guys.

Uh, dropping a like on yesterday's video and request to hosting this live stream again I'd love to host more of these for you guys I know that Jerome Powell speaks tomorrow live in front of Congress as well. We'll see how this one goes, but if you guys enjoy uh this live stream, then again, just make sure you drop a thumbs up. Subscribe to the channel. If you want to partake in that live chat it is free to subscribe to the YouTube channel.

And if you have any questions especially as I do trade live every morning I Just wrapped up my quick little live session with the Lpp team and just so you can see where I'm at for the day on SQ I Walked away with a little bit over 2100 on this nice little rip up. I Have a very simple way of trading. It's not very fancy I either. go longer I go short depending on Market Direction and I Do it every day.

So um, yeah, if you want to see my good days, my bad days, if you want to see kind of like my thought process behind every trade, second link in the description down below. It's a one-time payment, lifetime access and we're running our biggest sell right now. and it's linked down below so it sounds like it's about to start right now. We are still waiting for Jerome Powell to speak right now.

All right, thanks for the Father's Day LBP pricing of course of course 175 off. You can't go wrong with that. You may don't come to order. here.

it goes. the photography. Just a heads up. It is sometimes very hard to watch for a long period of time.

it gets very dull and very boring. Just a heads up on that okay annual Monetary Policy report. Not the most inventive title, but traditional we call Humphrey Hawkins without objection. all members will have five legislative days with him which to submit extraneous materials to the chair for inclusion in the record.

Uh I Will note the outset: this hearing has a hard stop at 1 Pm, which we will strictly observe. The chair would further announce to committee members that the chair's intention is. in the second week we return. in July We'll have a markup and that markup will include two important bills.

One is giving digital assets a market structure and federal regulatory remit and the second is a federal stable coin regime. It is intention of the chair to have that is a two pieces are committee markup. In the second week we return in July I Now recognize myself for four minutes to give an opening statement. Thank you Chairman Powell for joining us today.

Inflation remains broad-based and persistent. Two troubling. Trends The FED expects will continue. As you said last week, the process of getting inflation back to two percent is a long way to go.

So even though the Federal Open Market Committee did not recommend a rate increase that lasts weeks meeting, it's fair to say that the FED will continue to make additional increases in the months ahead. We'd like to hear your thinking on those matters. As a Fomc again pointed out last week, the labor market still appears tight, with Fed policymakers projecting a rise in an unemployment rate to a still low 4.1 percent at the end of the year. Despite pressure from the left, the Federal Reserve must remain committed to eliminating this stealth tax on American workers and families and I urge you to continue that resolve.

A few weeks ago, Congress took the first step toward getting our fiscal house in order through the fiscal responsibility. Act Republicans will continue fighting for sensible spending reductions to combat inflation. This stands in stark contrast to Democrats spending spree that poured nearly two trillion dollars into a supply constrained economy that was already flushed with trillions of savings provided by earlier bipartisan covet rescue efforts. And after keeping interest rates too low for too long, the Fed was slow to address the problem and a stunning about face.

The FED then raised interest rates by five percentage points and a little over a year the fastest spike in modern history. This approach introduced accelerated interest rate risk for which companies, workers and families across the country were not prepared. The bank runs we saw earlier this year are example of the consequences. Now we're told these runs represent a systemic threat to the stability of our financial system.

Add in the commercial real estate exposure facing financial institutions and it becomes very easy to understand the mounting anxiety consumers and job creators share and I share their anxiety as well. the rapid rise in interest rates coupled with knock-on effects the bank failures have led to signs of a credit crunch across the economy. This would have a damaging impact to Consumers and job creators alike. To top it off, Vice Chair for Supervision Michael Barr is undergoing a so-called holistic review of capital requirements.

And something interesting that you mentioned in the Press even yesterday is a is a new approach to stress tests that I can't quite understand if reports are accurate. He's pursuing a massive increase in capital standards for medium and large testing same resistance rescue right out. Twenty dollars a share just a heads up and starving families and small businesses. The capital they need.

financial markets will also bear this strain as they will be forced to absorb nearly 1 trillion in new treasuries. This has led many to believe the FED may be called on to help, perhaps through its repo or other facilities. Clearly, our economy is in a precarious position. From inflation to a potential credit crunch to substantial balance sheet risks for financial institutions, there is a great deal of uncertainty on the horizon.

Uncertainty from the FED Supervision and regulation is the last thing the well-capitalized banking system needs. Now, Following numerous supervisory failures and a new Vice Chair for Supervision at the Federal Reserve injecting politics into policy has become clear that Congress may need to again examine separating supervision and regulation out of the Fed and gaining greater oversight and control by Congress in the elected branches. With that Mr chair, thank you for being here today and the chair now recognizes the ranking member of the full committee, the gentleman from California for four minutes for an opening. State Thank you McHenry Oh no chairman Powell Welcome back first! I'd like to start by acknowledging that the Federal Reserve made the right decision to pause interest rate hikes.

As you know, since last November I've cautioned against any approach to monetary policy that ignores the Feds maximum employment mandate and results in a recession with millions of people losing their homes and jobs. Well, we have had strong job growth thus far. Experts contend that this trend will not persist with more raid hacks, especially in light of new challenges. For example, the recent bank failures have resulted in the banking industry further restricting credit, making it even more important for the FED to move with caution.

The progress that we have made in reducing inflation is born out in the latest Consumer Price Index data. In fact, it's been months 10 months since the passage of the Inflation Reduction Act and inflation has successfully been cut in half. Every single Republican member of Congress voted against the bill and chose Circosia to the wealthy tax cheats instead of working with Democrats to bring down costs for middle-class families. However, the only way we will fully combat inflation is to address the primary driver of inflation: soaring housing costs Congress must invest more in Fair and affordable housing under President Biden Unemployment is also at a historic low and job group is on the rise.

So far, there's been 29 straight months of strong job growth. in fact, a record 13 million jobs have been created since President Biden took office. Democrats Are working to build on this progress and grow the middle class so that everyone can share in this economic growth. Republicans However, just can't seem to get their house in order on the hills of almost blowing up our economy by forcing a national.

Depot They are now picking a fight over a tiny tiny feet of less than one percent of total housing costs, ignoring the costs home buyers are paying with seven percent interest rates, appraisal fees, and title insurance. Instead, they're fighting about gas stoves. In fact, just a week ago Republican disarray got so bad that it halted business on the house floor for the first time in 20 years. Lastly, as we continue to monitor the banking system following the recent bank failures, the FED must act to correct the supervisory and Regulatory failures identified by our committee's oversight committee.

Democrats Recently introduced 11 bills including three of my own to strengthen the safety and soundness of our banking system and hold Executives accountable for their misdeeds. The Senate Banking Committee is holding a markup this morning on a bipartisan bill on Bank executive accountability. So I urge chair McHenry to join us in advancing sensible reforms to strengthen our nation's banking system. With that, I Yield back, yields back I Now recognize the Uh Mr Barr Chairman of the Subcommittee On Financial Institutions Monetary Policy.

For one minute we expect proposals from the Fed's Vice Chairman for Supervision that could increase capital for financial institutions as much as 20 percent our already well capitalized Banks withstood the covet shock and severe Fed stress tests as the economy is facing headwinds from the Fed's own rapid rate hikes. Now is not the time to be engineering massive new regulatory changes or hindering Regional Banks which have already been under stress. New, onerous, one-size-fits-all regulation by the FED needs proper vetting and transparency. I Would ask you today to commit to providing us with analysis done so far by the FED on the Vice Chair's new proposals.

I Also, respectfully ask that the Chairman revisit Section 1107 A1 of the Dodd-Frank Act Observed that the Vice Chairman for Supervision is authorized only to develop recommendations for the board and oversee supervision and regulation. The law does not give the Vice chairs special abilities to unilaterally unilaterally write his own preferred regulations. It does does not say that the Vice Chair should unilaterally write public-facing book reports on bank failures or results of climate scenario experiments. Consensus Will now recognize the Subcommittee Chairman Financial Institutions Monetary Policy Mr Foster for one minute.

Thank you Chairman Henry and to Mr Paul for being here today in the wake of what seemed to be endless novel problems of disruption. I Believe the Fed and Congress have done a reasonable job given the cards that we've been dealt. Mr Foster has a golden voice. Does he not made a recession from the end game of code disruptions? If it occurs at all, we'll continue to be more of a soft Landing than a disaster for our economy.

While there is certainly more work to be done, but in the immune inter immediate term, we can reflect with satisfaction on the historically low unemployment 11 straight months of slowing inflation since the passage of the Inflation Reduction Act. However, I Recognize that the necessary monetary policies put forth to combat inflation have not been without stress, including on the front section of our banks that chose to ignore the Fed's clear forward guidance on the interest rate hikes were in the pipeline. We on this committee remain committed to alleviating the financial stress for everyday: Americans to pay rent and get food on the table I Look forward to discussing how recent policies have performed and what else we should do going forward to ensure a strong economic rebound. Thank you and I yield back.

Today we welcome the testimony of The Honorable Jerome H Powell chair of the Board of Governors at the Federal Reserve System Cheer bound. We thank you for your time and being here. We'll We'll recognize you for five minutes, give an oral presentation of your written testimony without objection. Your written Testament made a part of the record.

Chairman: Powell You're recognized. Thank you Chairman McHenry Ranking member Waters and other members of the committee I Appreciate the opportunity to present the Federal Reserve's semi-annual Monetary Policy report. Sharon Powell If you'll pull the mic closer, tell him to speak up. Thanks! We at the FED remain squarely focused on our dual mandate to promote maximum employment and stable prices.

For the American People, my colleagues and I understand the hardship that high inflation is causing and we remain strongly committed to Bringing inflation back down to our two percent goal. Price stability is the responsibility of the Federal Reserve and without it, the economy does not work for anyone in particular. Without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. I Will review the current economic situation before turning to monetary policy.

The U.S economy slowed significantly last year, and recent indicators suggest that economic activity has continued to expand at a modest pace. Although growth in consumer spending has picked up this year, activity in the housing sector remains weak, largely reflecting higher mortgage rates, higher interest rates, and slower output growth also appear to be weighing on business fixed investment. The labor market remains very tight. over the first five months of the year.

Job gains averaged a robust 314 000 jobs per month. The unemployment rate moved up, but remained low in May at 3.7 percent. There are some signs that supply and demand in the labor market are coming into a better balance. The labor force participation rate has moved up in recent months, particularly for individuals aged 25 to 54.

nominal wage growth has shown some signs of easing and job vacancies have declined so far This year, While the jobs to workers Gap has narrowed, labor demand is still substantially exceed supply of available workers, Inflation remains well above our longer run goal of two percent over the 12 months ending in April Total personal consumption expenditures Prices rose four point four percent excluding the volatile food and energy categories. Core Pce prices Rose 4.7 percent in May The 12-month change in the in the CPI came in at 4.0 and the change in the core CPI was 5.3 percent. Inflation has moderated somewhat since the middle of last year. Nonetheless, inflation pressures continue to run high.

In the process of getting inflation back down to two percent has a long way to go. Despite elevated inflation, longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecast forecasters, as well as measures from financial markets. With inflation running well above our longer run goal of two percent and with labor market conditions remaining tight, the Fomc has significantly tightened. The Stance of monetary policy.

We've raised our policy interest rate by five percentage points since early last year and have continued to reduce our Securities Holdings at a Brisk pace. We have been seeing the effects of our modesty of our policy tightening on demand in the most interesting rate sensitive sectors of the economy. It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation. The economy is facing headwinds from tighter credit conditions for households and businesses which are likely to weigh on economic activity, hiring, and inflation, and the extent of these effects remains uncertain in light of how far we have come in tightening policy, the uncertain lags with which monetary policy affects the economy, and potential headwinds from credit tightening.

The Flomc decided last week to maintain the target range for the Federal Funds rate at five to five and a quarter percent, and to continue the process of significantly reducing our Securities Holdings Nearly all Fomc participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year, but at last week's meeting, considering how far and how fast we've moved, we judged it prudent to hold the target range steady to allow the committee to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to two percent. Over time, we will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity, inflation, and inflation, economic and financial developments. We will continue to make our decisions, meeting by meeting based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks, we remain committed to Bringing inflation back down to our two percent goal into keeping longer-term inflation expectations well anchored.

Reducing inflation is likely to require a period of below Trend growth and some softening in labor market conditions. Restoring price stability again is essential to set the stage for achieving maximum employment and stable prices over the longer run. Before concluding, let me briefly address the condition of the banking sector. The U.S banking system is sound and resilient.

As detailed in the Box On Financial Stability Policy report. The FED together with the treasury and the FDIC took decisive action in March to protect the U.S economy and to strengthen public confidence in our banking system. The recent bank failures, including that of Silicon Valley Bank and the resulting bank stress, have highlighted the importance of ensuring that we have the appropriate rules and supervisory practices for banks of this size. We are committed to addressing these vulnerabilities to make for us stronger and more resilient banking system.

We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission. We at the FED will do everything we can to achieve our maximum employment and price stability goals. Thank you, thank you Chairman.

All right! I Now recognize myself for five minutes, Chairman Powell As I laid out my opening statement, Uh, Inflation continues to be broad-based and persistent, both of which are concerning. Uh, last week, the Federal Open Markets Committee decided to pause rate increases and at the same time, the committee alluded that it would raise rates more later in the year. And so, how should the Fomc's posture at the June meeting be interpreted? Um, will the will the committee continue to raise rates later this year? What's the thinking of this? What are we to understand? Thank you Mr Chairman. So you're right.

Of course we did decide to maintain the Federal Funds rate at its current rate at this meeting. At the same time, participants submitted uh personal forecasts suggesting that almost all of them thought there would be additional hikes and I Just want to say those two things are entirely consistent. The point being that the level to which we raise rates is actually a separate question of the speed with which we move earlier in the process, speed was very important. It's not very important now.

The sense of the of the summary of economic projections and the decision really is just that. Given how far we've come, it may make sense to move rates higher, but to do so at a more moderate Pace That's really it, you know we. We were at 75 basis points for several meetings, and we were at 50 basis points. Then 50 basis points, 25 basis points at three consecutive meetings.

And now we're monitoring that pace much as you might do if you were to be driving, you'd 75 miles an hour on the highway, then 50 miles an hour on a local high way. And then as you get closer to your destination, as you try to find that destination, you slow down even further. JP With the analogy so it is more data is necessary for the FED to make these decisions. Uh, and that's one interpretation, but thank you for for a broader view there.

Uh, I Also want a broader view on on this question of the Vice Chair for Supervision. Uh is performing his own personal holistic review of the Fed's regulatory framework for back Bank Capital and Liquidity and A. In an interview yesterday, he discussed some version of a new type of stress test, even striking complete confusion in his description of it. Um, and at the same time we have testimony from you, even from the Vice Chair of Supervision saying that we are, we have a sound banking system that is well capitalized.

Um, you will sit uh in Judgment of these. Uh, this proposal that the Vice Chair for Supervision will bring to the full board on this holistic review of capital. Uh, there are a lot of discussions about the the amounts of capital he's talking about. Uh, the concern that this is pro cyclical at a time where our economy with higher rates is you're you're measuring what's happening in the broader economy and at the same time we're going to have a a major piece of capital put it required by financial institutions which will further restrict lending.

Um, so how how can can you tell us to think about that Given your seat on the Open Markets committee and on as a Fed Governor how would you interpret that? Okay, so I guess I would say you're right. There are a significant number of of proposals that are kind of in the works. They haven't been finalized, let alone brought to the board yet. and so I can't really get into specific details today.

Um, but we'd like your thinking, Chairman, That's what we like. What I can share is: you know principles and how I will think about this Regulatory proposal proposals go to the board. Every person on the board that's six Governors Now, uh, you know has an obligation to evaluate and vote on those and I'm one of those people I also chair the board. So a couple things I would point out just first that um, you know I think regulation should be transparent and consistent and not too volatile.

Uh and uh, particularly as it relates to Capital Uh, Capital requirements I I Do note the central importance of capital. We want Banks to be resilient to shocks. We want them to be able to lend in good and bad times. Um, we want in particular, the G-sibs the eight largest banks to have high levels.

Very high levels of capital Liquidity, Indeed, we spent years raising those levels uh, over a long period of time. And I think there's broad agreement as you point out that that capital is is strong and you know the question there would be. Uh, what sorts of increases will be justified? That's what we'll be looking at. The other thing is to point out the trade-off between higher Capital.

You know the benefit of it of course is to have stronger banks that can lend and maybe survive more more kinds of Crisis environments. But you know there are costs as well there. and I think it's going to be, as always, a question of weighing and balancing those costs. And that's what I'll be thinking about.

The last thing I'll say about that is just we benefit from having Banks of all different shapes and sizes in our system and we we want to be careful not to regulate the smaller Banks to the point where really their business models are challenged for all with the largest banks. Well, this committee would expect to see a quantitative analysis of whatever the the capital charge is going to be. We would expect that from the the Fed as we do from other Regulators Uh, with that, we'll now recognize the ranking member the full committee. Miss Waters for five minutes.

Thank you very much. At this committee's last hearing on digital assets, my Republican colleagues propose a stable coin bill that would create 58 different licenses with Federal regulatory approval over only two of the licenses. The remaining 56 licenses can be issued by each state territory and DC with little or no federal oversight, regulation, and enforcement. This proposal takes State preemption into a whole new level.

It effectively allows every state to prohibit preempt to another state. Dc-based coins, for example, would be sold to individuals. Nationwide and New York are North Carolina Regulators could do nothing to protect their own residents, while even the FED would be severely hamstrung in providing any oversight. I've argued that we should allow states to be part of this process, but we must have a strong, enforceable Federal floor with a role for the Federal Reserve to approve and provide oversight of Payment Stable Coins issued by non-banks in order to ensure that consumers are are protected.

Such a framework is similar to our dual banking system and it would ensure that non-banks and banks have treated the same. We should also bear in mind that Payment Stable Coins are a new form of currency intended to allow individuals to pay for things with them. As such, do you agree that it is important for the FED as our Central Bank to have a chance to approve or decline any state license non-bank entity before it starts issuing Payment Stable Coins Nationwide Well, um, first of all, let me say we appreciate that we've been able to offer our views on these things to your staff and also the majority staff and we appreciate the consideration that's given to our views. Um, we do see payment stable coins as a form of money.

Uh, and in all advanced economies, the ultimate source of credibility in money is the central bank and we believe that it would be appropriate to have a quite a robust Federal role in in what what what happens in stable points going forward and that leaving us with a weak role in allowing a lot of private money creation at the state level would be a mistake. But nonetheless again, I do appreciate that we've we've been able to be heard and share our views with Uh with the committee. Well, thank you so very much I am appreciative for that clear answer. The next question that I have for you is a bit unusual, but one of the reasons we push diversity is because those things that have not been discussed issues a pickle of color Etc have not been dealt with I'm going to throw you something that you would not expect.

Earlier this week our nation celebrated Juneteenth which Congress recognized as a national holiday for the first time since 2021. The holiday celebrates the Day Enslaved African Americans in Texas heard that they were free two and a half years after the Emancipation Proclamation was issued. To this day, black Americans grapple are with enduring racial economic inequality that has its roots in slavery as evidenced by the black White Gap in net worth and homeownership rates. My bill, the Federal Reserve Racial and Economic Equity Act would require the Federal Reserve to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to Affordable Credit Now The it has a number of: Duties to pursue maximum employment in the monetary policy, to supervise banks for compliance with our Fair lending laws, and to ensure the community reinvestment.

Act is administered in a way that puts an end to discriminatory Red Latin practices by Bank Do you agree with me and Atlanta Federal Reserve President Rafael Bostick among others that the FED has a role to play in addressing racial economic inequality as it carries out its work. Until Congress passes this bill, what steps will the bed can you take to address racial and economic inequality? We um, we do consider inequality in the economy as part of our thinking about decisions, but ultimately and and those are those are certainly uh, highly valuable social goals to pursue. I Would say our ability to uh, take part in addressing those issues is fairly limited. We have one Federal interest rate that we set.

we do try to keep in mind as you know, uh, not just the aggregate National level of unemployment or employment, but also that for different ethnic groups. So we take that into account. but I would think and I think that's that's just part of making sure that we feel like we have all Americans in the room with us when we're making decisions on monetary policy. I Will say though, I think other agencies are better suited to address these uh, these deep issues.

Thank you! We must have this continued discussion on: Racial Equality I Yield back, the lady yields back. We'll now go to the vice chair Mr Hill of Arkansas for five minutes I Thank the chairman of the committee and chairman Powell Great to have you back before the committee and this morning you've reiterated and certainly Vice Chair Bar has reiterated a number of times: The banking industry here in the United States is well capitalized, and in fact, capital letter levels have remained robust despite Covid-19 with a 20 plus unemployment rate increase in a nine percent output. Gap They've remained stable through government shutdowns. They've remained stable through severe stress testing, and maybe more importantly, just in the last few months since the first week of March you've seen strong Capital come into play as we've grappled with the reality of a 40-year increase in short-term interest rates and that that impact on banks.

But as the Chairman said, Michael Barr continues to say he wants to increase Capital requirements on certain financial institutions. and in March you testified that you you said I will do everything I can possibly do to bring people together meaning: On The Board of Governors in consensus and have a capital framework that could be broadly supported. So to what extent have you and the other Governors been involved in this so-called holistic review by Vice chair Barr Has he briefed the other other members of the Board of Governors? Uh, Thus far, Yes, and we, we've all been briefed by staff really on the proposals, but as I mentioned, they're still somewhat in in motion. But yes, we've been briefed.

so you would say those proposals were still under consideration, that there's no final decision that's been taken by the board? No, Well, no, we. uh. Once the proposals really do settle down and are written up, they'll come to the board for a full discussion and a vote. Has the FED Board reconstituted Now the Committee On Supervision and Regulation the membership of it, who's on who's on that committee now.

So that committee is chaired by by Vice chair Barr and it also includes Governor Jefferson and it includes Governor Bowman. When you look at Capital in the U.S and I look at the globally significant Banks here versus other places in the world. Would you say that the U.S banks the U.sgs are better capitalized than their Global peers in Europe or in Asia So we're certainly at or near the top of the league table. I Think there are a couple other jurisdictions that all just for the break above for Scpq Nasdaq about to make new lows I Looked at it.

Uh, this morning at the USG steps have 11.3 Capital without any kind of modification compared to their European competitors at only 9.9 So would you say that we're better capitalized than the European Banks The European Gcps I Hate to call out the other jurisdictions, but I would say our banks are very strongly capitalized and also competing quite successfully globally outside the United States Yeah, I agree and I think we've strengthened Capital We've strengthened our supervision notwithstanding the problems that we saw this spring, which we've talked about Ad nauseam here. but that Capital standard does make American Banks I think stand out and wouldn't basil the so-called Basel III holistic uh reforms. Would it be better if the European Banks did a holistic review and actually got their Capital up to American Standards So I think they are. they're Bound by the same.

No one's Bound by these, but they were, you know have agreed to follow the same standards and I think they're the same process we're going through. Uh, same topic are the FDIC supervisory process in the OCC supervisors Are they involved and engaged with Vice chair Barr in looking at this quote holistic Review of Capital Adequacy In other words, are they providing their input to the vice chair for Supervision in their own views on this topic, on on the regulatory proposals that are relevant to them Yes I Think on the capital proposals Yes I Believe so and you've made a comment a minute ago. I Think to Chairman Mchenry's questions about that You'd like to see rules and supervisor rules consistent over time. and I think that's frustrating here.

We see change in administration sometimes that we see changing rules which is I think frustrating to the private sector. And to Market participants I Note that the by demonstration says that the Financial Stability Oversight Board should now base their decisions on size as opposed to activities. And for several years now we've had an activities designation and a cost-benefit analysis. Do you think the activities designation is gives supervisors more discretion at Fsoc to select who should be deemed uh under their supervision? But I actually think that should we be looking only in size or should we look at cost benefit analysis and activities and my time's expired? If you'd answer in writing I would appreciate I think this is an important issue I Yield back Mr Chairman Anyone else just annoyed of these questions? You guys let me know.

I mean I do appreciate you guys tuning on into this live show. You're not going to get kind of boring. We're probably going to close it out pretty soon anyways. Uh, but if it's not too much to ask again, feel free to drop a thumbs up and subscribe to the channel if you guys haven't done so already.

uh for My overall position Sqq as of right now I Closed it out? Uh, we're just not showing much signs of progress I'm up 2.1 K on the day. But remember, my biggest focus is progress and if we're not seeing progress on the upside, then again, this thing just consolidating. It's not making me any more money, right? and when direction is unclear. Then again, when in doubt, right? cash out.

So that's my idea behind that. So our statutory goals are price stability and maximum employment, and we are dedicated to using our tools to achieving those. In the case of employment, we still have historically low unemployment rates and high employment rates. They have high participation, a very strong labor market.

we're very far from our our inflation Target of two percent, and we're very focused on getting back to two percent. And how does the F O and C takes into consideration the impact of rising interest rates on LMI communities and small businesses when determining monetary policies? So we only have one interest rate to raise or lower. It's not true, but mainly one main interest rate to raise or lower. and it applies to everyone.

But I would say that inflation hits LMI Communities and people generally dating at the lower end of the income Spectrum Much harder than thank you Gloria in the middle of course I am because High Inflation can get you into trouble right away if you're living on a fixed income just to cover the basic necessities. So it is for the benefit of those people that we must get inflation under control for the benefit of all Americans but particularly for those people. And we keep that in mind as we are strongly committed to getting inflation back down to two percent over time. Well, and they they are the same people that are having a hard time accessing loans.

the same with small businesses. Uh, Chair: Powell Vice Chair Bars Report on the Fed's review of Silicon Valley Bank states that while there was regulatory tailoring conducted in response to S20 2155, there was also, and this is the part that really concerns me: A cultural shift at the FED under the direction of the previous Vice Chair for Supervision Randy Quarrels. According to the report, this shift included pressure to reduce burdens on firms, meet a higher burden of proof for a supervisory conclusion, and a need to accumulate more evidence than in the past as Chair during that period. Were you aware of this cultural shift and the impact it was creating? So I think we learned from the Silicon Valley failure and the others that there is going to be a need for stronger supervision and also regulation for banks of that size.

and I'm committed to learning the right lessons from this exercise and to forthrightly implementing. But were you aware of the cultural shift I Can't really, uh, characterize it that way? Certainly I Was aware that we were trying to avoid excessive regulatory burden I Would disagree with Chair Bars report. watch for the Breakout I'm sure that the people who wrote the report were accurately reporting what they what they heard from back. How how often were you meeting with Vice Chair Quills I You know I I Reasonably frequently.

you know. we sat quite near each other and never discussed a cultural shift I Didn't say that but I don't I don't remember it. the way you're describing it is not what I Recall I Recall Vice Chair uh Quarles Talking about uh things like focusing on the really important issues and not getting diverted into others. So the way it was described by Vice Chair Bar is not what you recall it I said I had no part in preparing the report I'm I'm confident that the people that the staff who worked on the report reported accurately what they heard.

I'm sure that that's right. So what? step? yeah? I'm over this. Uh, I don't know if you guys are, but I'm just gonna be going. It doesn't look like they're affecting the market as of right now.

too too much if you guys want to continue to hear it. Um, I'm sure other people on YouTube are streaming it. It's just watching like it's watching. Uh, it's well, not watching paint try because you just have to listen to them.

Jerome Powell I mean I Feel like he is a very sharp guy, especially for his age I Know a lot of you guys might not like him, but I think that for how old he is and what he has been doing I mean he's doing what he can right? Uh, within his means of being the head of the Federal Reserve When it comes down to these older people that are part of Congress, it is so so challenging. It's like yeah Nails on a chalkboard to listen to the questions and the demands that they ask for. Jerome Powell And obviously he can't even do half of what it is that they're asking. So uh, overall again, Sqq as of right now indicating signs of an uptrend NASDAQ Pulling on back.

If you're part of my Lpp team, you know exactly what we were trading this morning. Um, we're going into SQ as the NASDAQ Market was selling off. We talked about this yesterday. We're waiting for direction to be more clear.

We literally said this in yesterday's video. hey, heads up. Jerome Powell speaks Tomorrow, we're at the moving average. We're at the EMA.

If we break below the EMA, we can be working towards the moving average just like we have in the past before. that's exactly what it looks like we're doing as of right now. just like we could have found the support here and then began to indicate signs of an uptrend. But we waited for direction to be more clear.

I waited for confirmation on Sqq and again, once we got that confirmation I jumped into it. My trades were not perfect by any means. As you can see, Q is up 3.7 on the day and I'm only up 2.1 K So I'll keep you guys up to date if I end up taking on uh, any more trades. um, and I'll keep you guys up to date under the trade Ideas section.

Uh, if you're part of Lpp again, remember I Do trade live every single morning. You don't have to join if you don't feel like you're already or if you don't find it a value. But again, if you want to be able to watch me trade live every single day, that's going to be that second link in the description down below. It's a one-time payment, lifetime access and yes, you will be able to get access to being able to watch me trade live every single day.

I Really do appreciate you guys time like always. Let's make sure that we're in the year.