Alex Frangos

What was your reaction?

It was definitely stronger than he usually is.

He's a very technocratic, careful guy, you know, tends not to try to make waves in what he says.

I mean, Fed chair is like the consummate kind of person who goes before Congress and says nothing for four hours.

So for him to come out and do a video, put it on X, put it out at 730, just as the NFL games are ending, knowing who the audience is, it's a pretty strong statement.

Yeah, so far, negatively.

It's not massive so far, but the dollar's definitely weaker.

Gold is at a record, went up another 2%.

You're seeing long-term bond yields rise, which is an indication that investors are nervous about the far future, and stock futures are down.

So generally, it's a negative reaction.

This definitely makes people worried, not just about the short term.

Powell's term's up in May.

I mean, what's the difference, right?

But he would continue to serve on the board as a board member for another two years.

So there's the possibility that gets undone.

The big implication is for his successor, whether it's one of the Kevins, Kevin Hassett or Kevin Warsh, who are the top candidates to replace him.

They now have to go in thinking, well, I want to be independent.

But look what happened to the guy before me.

Exactly.

Well, he's not fired.