Weak in the session. Joining us is josh brown welcome back. Good to be here are you also in celebration mode after jay powell . Im also in celebration mode. We got all but a promise of a rate cut i think in july. Theyre going to do it. I said earlier, he foamed the runway for what ithink the market knew he was going to do the thing is, i dont think its necessary, but i also dont think its harmful a 25 basis point rate cut most likely, the best example of Something Like this, that i can think of from recent history is 1995 you had a new alltime high in the stock market the day they did the cut, but it was a single cut. And a lot of the reason for that, they had done a surprise rate hike in 1994, which kind of crushed the bond market, people were shocked i think what the 1995 single cut was about was taking some of the pressure off from that, maybe also like a mea culpa, we didnt need to do that that maybe thats what this is most like, and it would be likely we make a new stock market hi
High for more on what powell said and what we learned from todays fed minutes, senior economics report Steve Liesman is here. In the house. Onset in the house how am i supposed to cover the Federal Reserve when you put up a graphic like powellpalo oo, za what is wrong with that it captures the sentiment celebrate good times i was doing that. If you goad them in the control room, they will take the bait every time yes. So i think it was powellpalooza is not a bad way to characterize it it had every opportunity to push back on the market being darn sure there was a rate cut. Instead of pushing them back he said, come on, we are going more in terms of i dont mean more in terms of more rate cuts, but you can be more sure he emphasized the negatives and down played the positives. What i thought was interest ingalls ing is that the markets threw into doubt the 50 basis cut later this month once we got the job reports, but powell said to have a hot jobs market we need heat he said tothe marke