David Hoffmann

25 bips never hurt anyone.

Yeah, 25 bips all the way to zero.

I don't know where we're going, but we're at between 3.5% to 3.75%.

And the framing of this, because it's always you got to justify your bips, whether they're up or down with a story.

And the story was because there were slower job gains, slight rise in unemployment.

And inflation, that's somewhat elevated, but like not so bad.

So we can cut the rates here.

The vote was six to three.

Of course, one governor, this is maybe Trump's favorite, Stephen Moran, he wanted a larger cut.

He wanted to go to 50 bps.

isn't it steven mirren mirren yeah thank you right that's probably right so um that happened and also a little bit of i'm not going to call it qe because it's not but a little bit of um fed balance sheet adjustment up is happening not qe though not qe it's actually kind of not qe because it's more on the t-bill side of things no one knows what qe is anymore

Well, Powell stressed that these bill purchases, let me tell you what he did.

So the Fed is going to buy $40 billion.

So this line is going to go up about $40 billion in the next 30 days.

So that's not in the trillions.

Like you see, this is measured in the trillions, right?

Yeah, that's a pretty marginal number.

Just a little bit.

Just QE when it was going full steam ahead, you know, it was like 800 billion, kind of like that level.

So we're talking 40 and it's all treasuries.