The Startling Consequences of Monetary Policy (w/ Stephanie Pomboy)

In her long-anticipated return to Real Vision, Stephanie Pomboy, founder and president of Macro Mavens, sits down with Grant Williams to discuss her global outlook after the Fed’s recent course-reversal. Pomboy and Williams take a deep dive into the significance of the gaps between various economic indicators, and discuss the implications for capital markets. They also touch on associated topics such as China, cryptocurrencies, and gold. Filmed on April 18, 2019 in New York.

#China #cryptocurrencies #gold

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The Startling Consequences of Monetary Policy (w/ Stephanie Pomboy)


Transcript:
For the full transcript visit:
STEPHANIE POMBOY: If this is the underfunding situation now, when we're arguably at the peak
of economic and financial activity, what is it going to look like when, heaven forbid, the market
actually sustains a downturn? It's remarkable, the complacency around the corporate sector's
ability to service all of this debt. It's going to take people a while to wrap their heads around the
size, the sheer magnitude, of money printing that's going to be required.
GRANT WILLIAMS: Yeah.
I'm about to have a long overdue conversation with my dear friend, Stephanie Pomboy. I've been
trying to get her to come back on Real Vision for a long, long time, and she has resisted for
reasons best known to herself. But there's a whole bunch of stuff we want to talk about. I'm going
to ask her why she resisted, and she's going to blame me. But don't believe her.
The Fed, corporate bond markets, junk bonds, equities, there's so much going on. And Steph does
some of the best work out there on all of it, much to her chagrin. She's going to hate me saying
that. So let's go and sit and talk to Steph.
Well, well, well. Fancy seeing you here.
STEPHANIE POMBOY: Here we are.
GRANT WILLIAMS: Here we are again. Now this has taken a long, long time. Personally, I blame
your almost pathologically misplaced modesty. You're probably going to blame me.
STEPHANIE POMBOY: No.
GRANT WILLIAMS: But--
STEPHANIE POMBOY: There's no blame whatsoever.
GRANT WILLIAMS: But we're here. We're here, finally.
STEPHANIE POMBOY: We made it.
GRANT WILLIAMS: Steph Pomboy, welcome back to Real Vision.
STEPHANIE POMBOY: Pleasure to be here.
GRANT WILLIAMS: It's been far too long. So, so much to talk about. And as you and I tend to do
we get together, we have to start with the Fed, right? It seems the logical place to start because
from the mails or the Fed, all sorts of things tumble out. So I've got to ask you, what do you make
of Powell's flip-flop? How important is it? Or are we wasting our time worrying about it?

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