Larry Kudlow: Jerome Powell should not try to explain the unexplainable
Larry Kudlow: Interest rates are ‘gyrating wildly’
FOX Business host Larry Kudlow weighs in on Federal Reserve chairman Jerome Powell’s announcement on interest rates on ‘Kudlow.’
So folks, today is Fed Day. The Fed comes out with its policy announcement on interest rates, which as everybody knew went up 75 basis points to 4%, and then Jay Powell holds a press conference.
Now, you probably never really thought quite about this, but I think Jay Powell has a lot in common with Kamala Harris. Both of them seem to have a way with words or, to put it another way, both of them construct what has been called "word salads." In other words, they say a lot, but no one has any idea what they mean.
Of course, Kamala Harris is in charge of nothing and Jay Powell is in charge of the nation's money supply, so his word salad should be more important than hers, but if you ask a stock market trader, they'll tell you they didn't get what he said either.
Earlier today I went on with my friend Sandra Smith on FNC. During the tease, the stock market was up over 400 points. By the time we got to the actual interview, it already crashed to zero and then it went under by about 150 points. I think for the day as a whole, it ended down 450, the swing was 900 points.
FED HIKES INTEREST RATES BY 75 BASIS POINTS FOR FOURTH STRAIGHT MEETING
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