The Pomp Podcast - #1124 Darius Dale | Should We Expect The Fed To Pivot?

Starting point is 00:00:00 All right, guys. Bang, bang. Darius Dale is back. Yes, he's not dead. He's right here. Darius, super excited to talk to you. Let's first jump right into the Federal Reserve. They say that they are committed to getting inflation down. The inflation number is coming down on year over year. But is it base effect or is it simply that they have hiked interest rates high enough and the rate is going to come down and continue to fall? Loaded question, man. You are the best. And thanks again for having me back. It's always great to be here. So I'll start with respect to inflation. So yes, base effects are kicking in to the year of statistics. That's been the case since July of this year. What happened specifically

Starting point is 00:00:38 with the October CPI report was pretty wonky. We don't need to get into too many details because I think I'm going to put people to sleep at the outset of this discussion. But in terms of how the BLS, which is the agency that measures inflation, calculates medical care CPI, a portion of that, a very small portion of the overall basket, resets every year based on the profits that insurance companies make from us in terms of the spread that they pay doctors relative to our consumption of care, relative to what we're paying them. So that spread is effectively what BLS measures as the change in that spread is what they measure as inflation. And so we had a big wholesale revision lower in the month of October that will impact the data over the next 12 months.

Starting point is 00:01:19 Now, the issue with that is that because that happened at such an important time in asset markets where effectively investors are leaning net short, very much looking for opportunities to sort of chase this market, chase this narrative into Santa Claus rally, that caused some very aggressive action, at least in the equity and bond markets. But the reality is when we look at the math in terms of our data, we don't see that as a very sustainable outcome. In fact, we may see various measures of core inflation and underlying inflation. If you look at things like median CPI, trim mean CPI, and sticky CPI, those things are actually likely to retrace higher on a sequential basis here in the month of November. As that happens, do we get a pivot? Are they going to pivot? When are they going to pivot?

Starting point is 00:02:02 What does that pivot look like? Talk to me about the pivot that everyone seems to be holding under their seats. And they're like, oh, it's just right around the corner. When do you think it's going to happen? and what exactly would that look like when they do decide to maybe return to a looser monetary policy? Yeah, 100%. So, looser monetary policies, we'll table that for a second. So, I would almost argue there's two pivots, right, that markets need to get their hands around. The first pivot is the ratcheting down in terms of the speed of further interest rate hikes. We've already seen

Starting point is 00:02:32 that priced into FedFunds futures. If you look at what's implied for the December 14th meeting, There's an over 80% chance probability that they're going to hike 50 basis points, which is a deceleration from the rate of hikes that they've put on over the last three to four meetings, the 75 basis point clip. So the first pivot mission accomplished, at least for now. We're not so sure that they're going to be able to keep that based on the data we're going to get on the first core PC, their preferred deflation measure. We'll get that on December 1st. December 13th, we'll get the November CPI data that I just alluded to, right, a day before the FOMC meeting.

Starting point is 00:03:07 in their blackout period. So it's going to be very interesting, the market response to that data, but that's pending. The pivot you're referring to is the actual pivot where they bring out the bazooka, the ambulance sirens come to clean the blood up off the streets. It's our view that that pivot is quite a ways away. It could be over a year away from where we're sitting today. And part of the reason we say that is because we think, at least here at 42 Macro, some of the work we've done on the resiliency in the US economy, particularly with respect to the consumer, which is really kind of the bolus of the coincidental lagging indicators bucket, that data suggests we're probably not going to go into recession until late 2023,

Starting point is 00:03:45 maybe even as late as early 2024. So what happens between now, we're at the end of 2022, before the recession? Are we in the pre-recession? Is there like a, we're kind of just floating along and then eventually like the bottom falls out and now we're in recession? Like how does that work, especially if it's a year away? Like that's a pretty long time period. And I think a lot of people are already saying like, no, Moss, like I already feel the pain now. What do you mean? I got to wait a whole nother year until we're actually in the recession.

Starting point is 00:04:12 Yeah, no, that's that's exactly the point. You know, it kind of feels like you're a dead man walking. So you can look at this two ways. Right. You know, like, you know, you could say that you're on your way to recession on day one of the new business cycle. Right. The day one of the new expansion, which I guess was effectively April 1st of 2020 after we sort of came out of lockdown or at least the first date started to come out of lockdown. The reality is the recession process really tends to take several quarters, particularly when you don't have the sort of leverage cycle dynamics in the private sector that would suggest more sort of material kind of ratcheting down of activity, consumption, et cetera. You know, if you think about like one thing we like to look at at 42 Macro as it relates to timing the business cycle is the spread between the 10-year nominal treasury yield minus the 10-year or the three-month nominal treasury yield that has been at least empirically proven to be the best recession indicator. And when you sort of backtest that recession indicator in terms of when it goes to inversion, i.e., the 10-year yield is below the three-month yield, which is deeply inverted as of today and inverted a couple of weeks ago, on a zero-to-six-month-forward basis, you're talking about 100% chance of the economy still growing in terms of that particular interval. At least this is data going only back the last eight business cycles since the mid-1960s. you look at the six to 12 month forward interval, there's a 75% chance that the economy is still

Starting point is 00:05:37 growing in the six to 12 month interval. That's April of next year through October of next year. So the 75% chance the economy is likely to still be growing. When you get into this 12 to 18 month interval, that would be October of 23 through April of 2024. That's where you start to see the math on the percent positive, the percent negative ratio math flip in a way that suggests the economy is more likely to be in recession in that interval. It's right around kind of, you know, two thirds probability of being in recession. So from a base case scenario standpoint, that's our modal outcome. That's our base expectation. And then when you, from a Bayesian standpoint, we start at later on different things. I sent you a few charts. One chart I'd like for

Starting point is 00:06:18 you to pull up is slide 32 from our most recent November macro scouting report presentation. We put out this presentation every month. Household sector balance sheet. It's in excellent shape, man. Hercules, Hercules, Hercules. So let me walk you through each of these four indicators because I think these are four of the most important indicators that me, doing this for a really long time, these are four of the most important indicators at this particular juncture of the business cycle. So let's start with the first panel. The first panel just shows the amount of cash that's on household balance sheets. It's right around $7.6 trillion currently. As you can see, it's well north of the pre-COVID trend. It's like in Wally World relative to anything we've

Starting point is 00:07:03 ever seen. Obviously, it's on a nominal basis, but the growth rate that we've seen in this post-COVID era has really been obviously betressed by very aggressive fiscal policy. You had STEMIs, you had forgivable PPP loans, you had forgivable SBA loans. I mean, it was, you know, you name it, everyone got money, forgivable debt, student loans. All this excess cash has really contributed to households, you know, really growing their balance of checkable deposits and money market funds. These are cash balances that at any moment can be transformed into economic activity. This is not time savings that you had to wait a year or two to get your money back. This is right now, I can spend that. That's $7.6 trillion. That's almost a third of GDP. When you look at that

Starting point is 00:07:46 number on a ratio, looking at the second panel in this chart, when you look at that number on a ratio to overall household assets, it's at 5%. We haven't seen that high of a ratio since going back to the 1950s. And so you have to think about, OK, households feel good about their liquidity situation. They're not the sort of reaction function to negative news or even people getting losing their jobs, et cetera, is not the same. And those households aren't going to be like, well, I got to ratchet down and spend less. And, you know, that cascading, you know, kind of reflexive, you know, doom loop, if you will, really, that really, you know, trends to trigger recession, that the probability of that, you know, really occurring over the very near term is

Starting point is 00:08:27 actually quite low. And then so that takes me to the last two panels, which we look at it from the debt side of the equation. So that's on the household and on the asset side of the equation, the first two panels, and from a liquidity standpoint, when you look at the debt side, I think it's just as important. So the third panel here just shows a sort of total household debt, mortgages, auto loans, consumer loans, et cetera, as a ratio to nominal disposable personal income. So this is how much income you're generating minus the taxes that you pay to the government. That ratio is currently at one currently. So we have one dollar debt per one dollar of nominal disposable personal income. You know, you look at the last cycle, you know, we were at 134 cents on the dollar in terms of debt to disposable personal income. That's a much higher ratio. And so it kind of tells you that, you know, we have not really gotten to levels that would be particularly threatening.

Starting point is 00:09:16 More importantly, we've not really grown. You know, we've seen, you know, I've studied, you know, cycles, many cycles through various lenses. And the number one thing that I've learned about the business cycle in terms of what truncates it and what causes it to end is two things. need to have two things that happen simultaneously you need a sharp growth rate in credit in terms of leverage like a metric like this total debt to nominal disposal personal income and you also have to have a sharp growth rate uh in debt in the debt service ratio which is the fourth panel the final panel in this chart uh what the debt service ratio is is the total amount of income uh this is for the household sector and specifically it's the total amount of income that that the particular sector, the household sector is using to pay down debt, either through amortization, which is paying

Starting point is 00:10:00 back principal, and paying down interest. So as you can see, at 9.6%, we're at historic lows. I mean, we were slightly lower in the early phases of COVID when the government was handing out trillion dollars. But the reality is, if you take that out of the time series, we are at historic lows in terms of the debt service ratio for the household sector. So you add all this up. Let me just summarize. Households have a ton of cash. They probably feel really good about that cash because it's such a high percentage of their assets. They're actually quite unlevered. And more importantly, the speed of the change in their leverage is not signaling anything that's particularly onerous with respect to the business cycle. And oh, by the way, the change in their

Starting point is 00:10:41 debt service, both the level and the change in the debt service ratio would seem to suggest that we have several quarters, if not potentially years before households have to really start to rein in and tighten their belts, you know, kind of sit on their wallets, if you will. So is it fair to think about this as there were such good times that the household balance sheets got so strong that now that we're going into a recession, consumers never been better prepared for a recession? Yeah. And this is ironically what may push out and delay the recessionary process.

Starting point is 00:11:14 Because they got to run out of cash? Yeah. Well, it's not that they have to run out of cash. enough of them have to be fired so that they start demanding liquidity in a way that causes them to spend less got it so they got to monetize the assets that they have in order to have that money to spend that's where you start to get in kind of deeper trouble uh in the economy totally totally it's really more function of jobs and it's it's hard to see there's a couple things you know uh that on the jobs front you know the job losing your job no matter how much cash you

Starting point is 00:11:44 have in the bank you're probably going to spend a little bit less unless you're you know some YOLO millennial who thinks they can travel the world on whatever budget they have. The reality is, especially if you have a family, you lose your job, you're going to spend less money. So that's one big indicator that we're watching. But the reality is, it's kind of reflexive. If everyone's still able to spend, and oh, by the way, we got some ridiculously positive retail sales data this morning that we can talk about in a second.

Starting point is 00:12:08 If everyone continues to spend in an economy that's two-thirds to 70% consumer spending, how do you have enough bad stuff in the economy happen for a bunch of people to lose their jobs? You know, it's been very hard for, you know, I run a business and you run a business. It's been very difficult to attract and retain talent in this business cycle. The employment to population ratio is still down 140 basis points from its pre-COVID high. The labor force participation rate is still down 140 basis points from its pre-COVID high. So there's millions of people right around just shy of 2 million people who were formerly employed are no longer in the United States labor force. And so the probability that companies respond this early in the sort of,

Starting point is 00:12:50 you know, kind of deterioration phase with firings, et cetera, and in mass is actually quite low in our opinion. Bitcoin. What are the thoughts there? This is an asset that it was balling, $69,000 in November. Everyone thought they were rich. Now it's coming down quite a bit, 75% or so. As we've had to remind people, there are single stocks that are down more than that. But Bitcoin is down 75% or so. I know you've got some thoughts between Bitcoin, net liquidity, and the kind of broader macro environment. How are you thinking about this? Yeah, great question.

Starting point is 00:13:22 So let me take a step back, and I know you'll appreciate this, and your viewers will appreciate this. I think the number one thing we learned about Bitcoin this week is how freaking resilient it is. Bang, bang. Yeah, like think about this. like in middle 2008 when Lehman Brothers was going bankrupt and the world thought AIG was about to go bankrupt, which is really the problem. Everyone thinks it's Lehman going bankrupt. It wasn't Lehman that really caused the big problems.

Starting point is 00:13:47 It was AIG and all their derivative exposure because Lehman exposed what AIG's derivative exposure was. If AIG would have went bankrupt, there was a legitimate palpable fear that the economy and all the financial markets would go into a permanent state of depression. I was around for that. I wasn't as smart as I was now about all these market cycles, but I was paying attention. And the reality is that didn't happen. But the reason it didn't happen is because we had the Fed come out and pull out a bazooka.

Starting point is 00:14:16 We had TARP. I mean, it was an alphabet soup of, oh, my God, we got to fix this. Because if we don't, the stock market's done. The bond market's done. The economy's done. That's not happening to Bitcoin. There's nothing at all at fault or wrong with the protocols. And again, I'm not the smartest guy on the math and the science behind everything.

Starting point is 00:14:36 But what I do understand is that we just saw the second largest crypto exchange in the world go belly up. You know, I don't want to make any, you know, I don't want to get sued. So I'm not going to say anything about why they went belly up. But, you know, they went belly up. And guess what? The asset, you know, I wouldn't say it shrugged it off. It went down in price.

Starting point is 00:14:54 But nothing at all happened to the protocols. If anything, it should give you a tremendous amount of confidence that this asset is here to stay. When something that major happens to it, it's not like, oh, people thought that – in March of 2009, people thought the stock market was going to zero. No one thinks Bitcoin is going to zero in the – even with all the stuff hitting the tape. So I just wanted to throw that out there. I don't know if you had any thoughts on that. I believe that Bitcoin is doing exactly what it was designed to do.

Starting point is 00:15:21 And part of, I think, what has the people so excited is that people love to have control and some sense of being able to peacefully protest, to peacefully protect themselves, to participate in this thing. At the same time, the mainstream media, large financial institutions, a lot of those things, they don't understand how to play the game, right? It's kind of like if you take the world's best baseball player and you're like, hey, we're going to take you and we're going to have you play cricket. Now, it's similar, but it's different. And if you don't understand the rules, if you may not be as good at it, if you may not even know what the actual plays and strategies are, like you're kind of fish out of water a little bit. And so I think that's kind of what goes on is that there's a whole bunch of people that get pushed further and further out on the risk curve, because actually, in this entire kind of large ecosystem, Bitcoin looks the most different from the legacy financial system. But the further you get out on the risk curve, the more it looks like the old system. Because now all of a sudden, what are you talking about?

Starting point is 00:16:31 You're talking about, oh, we create coins. We create things out of thin air. We insiders get them, right? Like all these things, there's leverage, there's centralized platforms. Like, it becomes this whole system. They're like, yeah, you recreated Wall Street. By the way, cool, fine, whatever, I got it. There's a lot of people on Wall Street that make a lot of money,

Starting point is 00:16:47 that help people, that do all this stuff. There's also a lot of people who do some sketchy shit too, and like, you know, there's bad outcomes. Yeah, so it's like, like, I get it. But I do think that Bitcoin's resilience is very different because if you think about it, Wall Street's not resilient. It's backstopped by the most resilient organization in the world, which is the federal government.

Starting point is 00:17:06 And so they happen to constantly have FDIC insurance. They happen to come in with bailouts. Like they're constantly just saying, like, we got the safety net. Bitcoin doesn't have that, which I think is pretty interesting. No, Bitcoin doesn't have a safety net. It doesn't need a safety net because it's not going anywhere. I mean, don't you think every government in the world, particularly the ones that are most closely tied to the center of the sort of current financial structure with respect to the reserve currency status, you know, the U.S. dollar, the yen, the euro, the British pound, they don't want an alternative to

Starting point is 00:17:38 their hegemony to being able to capitalize themselves at low rates. They don't want to hedge, you know, to having every good and service priced in their currency across borders. That's a that's those are exorbitant privileges of which, you know, the U.S. enjoys more than anyone by orders of magnitude. So clearly they don't want that. But just on your point, going back to sort of, you know, how much the legacy, how much the sort of, you know, I guess I don't even know what recall, but the alt corn of the DeFi space started to resemble the TradFi space. And one thing that, Jim Bianco made a great comment on this in a recent podcast. He basically said, hey, look, the main difference between the DeFi and TradFi right now isn't all the technology. It's just the

Starting point is 00:18:19 fact that the TradFi has the Federal Reserve that can bail them out of all these mistakes. The DeFi currently does not have it. And so going back to your original comment on net liquidity, I threw you that chart slide eight from our from our macro report, you know, where we show the 42 macro net liquidity model, which is the blue line in this chart here. So the blue line in the chart shows our net liquidity model, which is the Fed's balance sheet, the total assets on the Fed's balance sheet. Then you subtract the Treasury General Comp balance from that. And you also subtract the reverse repo facility balance from that. And that gives you sort of an approximate kind of net liquidity function with respect to how much sort of liquidity the government in aggregate is supplying to the private sector and to the financial markets ultimately. So the black line is the Bitcoin in the chart, and the red line is S&P, a purple line or pink line is Ethereum. As you see the title of the chart. So let me just take a step back and explain a couple of things as well as to the FTX blow up, because I tweeted this out.

Starting point is 00:19:14 I want to say maybe last Tuesday or Wednesday when the hoop was really hitting the fan, which is it wasn't Sam Bankman's, Freed's brilliance. It wasn't CZ's brilliance. I pronounced his name wrong, so I'm not even going to go there. But apologies to him, Mr. Binance. It wasn't the brilliance. These are brilliant people. Don't get me wrong. I'm sure they're very brilliant.

Starting point is 00:19:37 They're well-connected, et cetera, et cetera, et cetera. But one thing that is missing from this discussion is the fact that we saw the sharpest expansion, not only in speed, but in terms of size and magnitude of net liquidity in the history of the time series between like an 18-month interval. So from like February of 2020, kind of where it troughed in late February of 2020 to where it peaked in November of 2021, i.e. where a lot of crypto digital assets peaked, net liquidity expanded by $3.4 trillion. It just, it's like, that's like all of QE of the years past combined and then multiplied by two, right? It's just like in such a short period of time, we created geniuses out of people who created paper, you know, or not paper assets, digital assets, right? And then, oh, by the way, all it took was a mere $1 trillion reduction in that net liquidity from that November 2021 high to today to basically destroy the entire kind of, you know, token, whatever you want to call it, TradFi industry. um you you know obviously uncovered a lot of cockroaches and some misbehavior and nefarious behavior at least spec uh alleged uh misbehavior but again that misbehavior is a function of people

Starting point is 00:20:51 think they're the smartest guys and gals in the room when again net liquidity in like an 18 month interval is like going up as fast as it's gone up you know over the last decade by like a factor of two so in our opinion you know all this stuff is it doesn't happen in a vacuum there's a reason NFTX blew up in 2022 and not in 2021. And that's specifically because the blue line on that chart has declined by a substantial degree. As we look forward, what is your expectation for stocks, real estate, commodities, and Bitcoin? What do you think plays out? Let's call it over the next quarter or so. I think which people are saying, hey, going into the holidays and kind of coming out next year, a lot of the same, down only, sideways, rocket recovery coming out of COVID

Starting point is 00:21:38 all over again? What are you expecting? Yeah. So just based on some of the guidance we've received from the Federal Reserve as it relates to its balance sheet program, the guidance we received more, I would argue more importantly from the Treasury with respect to kind of the projected changes in the borrowing schedule, how much they're borrowing, where they're borrowing on the curve, and ultimately kind of their targeted end of year cash balance, it's very likely we see a substantial reduction in net liquidity between now and year end. Now, the one caveat is we saw a $189 billion decline in the reverse rewrote facility balance month to date in November to date. And I want to say around 150 of that has really occurred since we saw

Starting point is 00:22:23 that October CPI report on November 10th, I want to say. And so what's happening is that investors are feeling incrementally comfortable taking duration risks, taking credit risks, taking all sorts of risks in capital markets, and they're pulling that excess liquidity out of the reversible facility balance and parking it into other assets and taking risk. If that continues, then you're going to see the decline, the increase, the likely increase in the Treasury General Comp balance get offset alongside the likely decline in the Federal Reserve's total assets on their balance sheet. Now, we don't think that's going to increase because, again, going back to the early part of conversation. We think consumer spending and ultimately a lot of coincident and lagging

Starting point is 00:23:04 indicators, not the least of which is the labor market, are likely to remain resilient for some time, which means it's very unlikely we see a significant deceleration in inflation that would ultimately allow a lot of what we've seen over the last week or so from reverse ruble facility balance to continue. In fact, it may actually start the reverse. So to answer your question on risk assets, very likely that we start to sell off from here into now and to year end. But then it's likely that we start to improve in the first half of next year. And in fact, a lot of those dynamics I highlighted from a net liquidity perspective are likely to improve in the first half of next year.

Starting point is 00:23:37 And I think there's going to be a window of opportunity on the long side of risk assets and perhaps even bonds as well, because investors are kind of too bearish on growth as it relates to the near-term outlook. I think this path towards recession is likely to be longer than the average investor realized, which sets us up for multiple strings of positive growth surprises in the first half of next year. So, again, I don't know that we need to put that trade on today because, again, we've got some downside ahead of us in our opinion. As you look forward, what is the one thing that you're waiting for or the one thing that you want to see happen where you'd be getting excited and kind of, hey, I want to be an investor again in this market? Because right now being in cash has been a great strategy for the whole year.

Starting point is 00:24:20 When would you be like, OK, now's the time to start getting excited? Is it just the Fed and they're in control? I mean, I hate to reduce macro down to that. But I mean, and so, look, macro, the most important things in macro and why asset markets go up, why they go down is really just a function of how much money does the government need from us and how easy does the Fed make it for us to give it to them? If the Fed makes it very hard for us to give them that money and they need a lot of money, then asset prices, risk assets go down a lot.

Starting point is 00:24:49 if the government doesn't need any money from us and the Fed, oh, by the way, is making it even easier for the money that they do need from us for us to give it to them, then asset prices go up because there's more liquidity on our side of the table in the private sector to actually chase and capitalize financial assets. And so if you think about macro through that kind of basic lens and start to sort of understand some of the dynamics that might make the government need more money, need less money, start to understand and forecast some of the dynamics that might make the Fed inclined to make that process easier or harder, that's where macro starts to get difficult. And you really need some kind of experience at the bare minimum,

Starting point is 00:25:26 somebody on your team that can really help you with that. But going back to your question, if you understand that that's what's really driving the bus here, then yeah, you really kind of do need to see a credible, legitimate Fed pivot, not to get really sustainably long Bitcoin, really start to kind of increase the size of your dollar cost averaging and accelerate the pace of your dollar cost averaging in a way that allows you to really participate in some material upside. I mean, that could be quite a ways away just given our recession forecast. But again, I do believe there's going to be a window of time in the first half of next year for risk assets to really do well before we get to recession, before markets at the price in that

Starting point is 00:26:04 credit risk. We've been saying in our research at 42 Macro that there's always two phases to the bear market. And the first phase is the sort of tightening net liquidity phase, where it becomes really difficult for us to hand over money to the government. So we got to sell some of our assets in our portfolios to make that process works. There's also the second phase, which is the credit risk phase, where when the economy really starts to slow down and kind of head into a recession, investors start to get very nervous about, you know, kind of their forward cash flow estimates and their ability to sort of their ability to value companies and value credits. And that's when you start to see some significant sell off. That tends to be where the capitulation

Starting point is 00:26:42 happens. Most bear markets, that process is kind of linear and they're close together. Phase one is generally kind of followed quickly by phase two. That was like 2007 to 2009. I don't know that this bear market is likely to see that. It can be more like kind of the 2000 to 2002, call it 2003 episode, where you had multiple months, if not quarters, where the market was doing kind of just fine off of a local low. Because again, the economy wasn't really doing what it needed to do to cause, you know, a significant change in bet policy. So, you know, it's our view that we might have that investable window, but as it relates to kind of expecting, you know, a significant recovery in Bitcoin, you know, well beyond

Starting point is 00:27:23 its previous highs, that could be, you know, if not, you know, a year away, it could be multiple years away. Where can we send people to find you on the internet or find out more about 42 Macro? I appreciate you, man. So come check us out, 42macro.com. Like I said, I think if we've learned anything in 2022 is the value of a legitimate institutional macro risk management process has never been more valuable. And I don't think you need to be an institutional investor to benefit from our services. In fact, we price our services specifically so that everyone can take advantage of it.

Starting point is 00:27:57 Because, you know, as you know, my background, I very much grew up on the outside looking in to a lot of this, you know, a lot of what we're talking about today as it relates to making money in financial markets. And so I want to give back the best I can, you know, in terms of, you know, allocating my time and my resources to helping everybody. And so come check us out. Do a lot of great research at Prodigy Macro, a lot of very actionable research. And then, you know, still I understand that not everyone who's paying attention and can watch can afford it. Some people might be early in their learning journeys or early in their capital journey. So definitely come check me out on Twitter. We put out a lot of decent content on there as well for free. So I'm at 42 macro D down that platform.

Starting point is 00:28:34 Amazing. Ladies and gentlemen, we're going to be doing this a lot more often, maybe once a week, every other week, we'll let you know. But every other week, always maybe we'll,

Starting point is 00:28:43 you know, it depends on what happens at the market. Maybe somebody will do something stupid and we'll have to come talk about it again. All right. As always, I appreciate talking to you and we definitely will keep doing this. So thanks so much and I hope everyone enjoyed it.

Starting point is 00:28:53 Talk soon. Appreciate your brother. Always man. Thank you. Thank you.

The Pomp Podcast - #1124 Darius Dale | Should We Expect The Fed To Pivot?

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