Tom Graff is the head of investments for Facet Wealth and has several decades leading fixed income departments. Tom joins David on Macro Musings to provide his thoughts on the recent FOMC meeting, the Q2 2022 GDP numbers and their implications for the economy, and the future path of Fed policy. Specifically, David and Tom discuss the recent GDP numbers from Q2 2022, the merits of public concerns over a recession, takeaways from the July FOMC meeting, interest rate theory and implicit forecasts of inflation, the fiscal theory of the price level, the continued importance of the Fed's framework, and much more. Transcript for the episode can be found here. Tom's Twitter: @tdgraff Tom's Facet Wealth profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: Real GDP Numbers updated for Q2 2022 Federal Open Market Committee: July 26-27, 2022 FOMC Meeting

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“What did the council decide on item 42?” — answered with the speaker and the moment.