RUNNING AWAY FROM YOU BUT GOOD
STUFF ALL THE TIME.
HILLARY VAUGHAN FROM CAPITOL
HILL.
THE CHIEF MARKET STRATEGIST,
KENNY POLCARI WOULD ANSWER
THEM.
JANET YELLEN IS THE ONLY
ADMINISTRATION OFFICIAL WHO HAS
ADMITTED PUBLICLY SHE BOTCHED
IT, THAT INFLATION WASN’T
TRANSITORY, A LOT MORE TRACTION
TO IT THAN SHE THOUGHT AND
WHETHER SHE AGREES WITH LARRY
SUMMERS, FORMER CLINTON
TREASURY SECRETARY SAID IT
BEGAN WITH ALL THAT SPENDING
BUT IT IS ALL WATER UNDER THE
BRIDGE NOW BUT WOULD IT BENEFIT
THE ADMINISTRATION TO SAY I GOT
THIS ONE WRONG?
>> IT ONLY BENEFITS THE
ADMINISTRATION BY RECOGNIZING
THAT A LOT OF PEOPLE GOT IT
WRONG, YOU CAN’T BLAME ONE OR 2
PEOPLE.
A LOT OF PEOPLE GOT IT WRONG.
GETTING UP THERE EVERY DAY AND
TELLING THE STORY HOW GREAT
EVERY THING IS AT NOTHING TO
WORRY ABOUT AND PRICES ARE
GOING TO COME DOWN IS BALONEY.
ADMITTING THAT WE GOT IT WRONG
BUT HERE IS WHAT WE ARE GOING
TO DO ABOUT IT MIGHT HELP THEM
SAVE FACE BUT TO COMPLETELY
IGNORE IT AS IF NOBODY GOT IT
WRONG OTHER THAN JANET YELLEN
IS THE ONLY ONE WHO CAME OUT
AND SAID MAYBE I MISSED THAT
ONE.
I’M READY FOR JAY POWELL TO SAY
I MISSED IT BECAUSE IN MAY 2021
WHEN CPI WENT FROM SUB 2, TO 3%
IN ONE MONTH AND THEY CONTINUE
TO GO HIGHER BUT HE TURNED HIS
HEAD AND SAID NOT WORRIED ABOUT
ASSAULT TRANSITORY BUT EVERY
DAY IT GOES UP AND UP AND AT
SOME POINT IT IS NOT
TRANSITORY.
HE NEEDS TO COME OUT AND SAY WE
COMPLETELY MISSED THE BOAT
HERE.
NEIL: HE SAID WE COULD HAVE
MOVED SOONER BUT WE ARE IN THE
PICKLE WE ARE IN AND THE
ADMINISTRATION IS TALKING ABOUT
RELIEVING TARIFFS FROM SOLAR
PANELS, RELYING ON THE SAUDI’S
TO INCREASE PRODUCTION, HELP
ISN’T GOING TO COME FROM
DOMESTIC OIL PRODUCTION.
THAT SEEMS TO BE THE STRATEGY
NOT TO GO THAT ROUTE.
>> WE ARE HEARING MORE PEOPLE
TALK ABOUT US ENERGY
INDEPENDENCE AND PUSHING OIL
COMPANIES TO CONSIDER PUMPING
MORE OIL BECAUSE WE NEED TO BE
INDEPENDENT.
WHERE WAS THE THOUGHT ABOUT
INDEPENDENCE BACK WHEN THEY
TOOK CONTROL OF THE WHITE
HOUSE?
THE FIRST THING THEY DID WAS
SAY WE ARE OUT, WE WILL CONVERT
THE CLEANER AND YOU WERE JUST
GREAT, I SUPPORT CLEAN ENERGY
ONE HUNDRED% BUT WE ARE TWO
DECADES FROM CLEAN ENERGY
SUPPORTING THE COUNTRY
NEVERMIND THE WORLD.
NEIL: WE CAN BE ALL IN ON ALL
THE STUFF, THE WIND, THE SOLAR,
BE THAT AS IT MAY YOUR VIEW OF
THE MARKETS RIGHT NOW AND HOW
THEY DIE JUST PARTICULARLY THE
NEWS OF TARGET INDICATING MORE
HEAD WINDS, HARDLY
REPRESENTATIVE OF ALL RETAILERS
BUT WHAT DO YOU MAKE OF WHERE
WE STAND?
>> I AM NOT SURPRISED TARGET
AND OTHER RETAILERS ARE COMING
UP WITH THAT NARRATIVE.
THEY INDICATED THAT EVEN A
COUPLE WEEKS AGO, INVENTORY
BUILD UP AND ALL THAT, THE
TARGET CUSTOMER IS NOT THE HIGH
END CUSTOMER BUT THE LOWEST
LEGAL CUSTOMER, THE MIDDLE
INCOME WORKER THAT IS GOING TO
TARGET AND THE HIGH
INFLATIONARY PRESSURES ON THE
ECONOMY ARE HITTING THOSE
DEMOGRAPHICS HARDER THAN THEY
ARE HITTING HIGH END USE, WHEN
THEY CAME OUT AND SAID SALES
ARE BOOMING BECAUSE AT THE HIGH
END THEY ARE NOT GETTING
CRUSHED AS MUCH AS MIDDLE
INCOME OR LOWER INCOME SO
TARGET, GREAT STORES AND
REACTION FOR THOSE NAMES IS A
LITTLE BIT OVERDONE BUT I THINK
THAT SPEAKS TO THE NERVOUSNESS
AMONG INVESTORS, THE MINUTE
THEY HEAR SOMETHING NEGATIVE
THEY SELL EVERYTHING, SHOOT
FIRST, ASK QUESTIONS LATER,
WHICH ALWAYS TENDS TO BE AN
OVERREACTION.
STUART: WE WILL GET THE