Big Short Michael Burry Critical On Jerome Powell

Big Short Michael Burry Critical On Fed Chairperson Jerome Powell

As we know, The Fed raised interest rates by a quarter point on Wednesday as it attempts to fight stubbornly high inflation while addressing risks to financial stability.

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Jerome Powell, Fed Chairman adds that- "We dont anticipate ongoing rate increases will be appropriate to quell inflation."

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Commenting on Powell's FOMC speech, famous investor Michael Burry has tweeted- Powell should have just said “I don’t know.”

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He suggests him to keep saying that again and again as he sits on his hands for the next 6 months, for us to get some real price discovery.

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This comes amid the environment where confidence in the Fed and the banking system is going away.

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The Kobeissi Letter replied to Burry- "They Fed has been so wrong that futures don’t even price in what they say anymore."

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Fed officials are now projecting deeper cuts to the economy over the next two years, with inflation ticking 3.3%.

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