Don’t Hate the Fed, Hate the Game

Published on
May 7th, 2020
Duration
55 minutes

“The Second Wave Is Going to Be Much, Much Worse”


Don’t Hate the Fed, Hate the Game

The Interview ·
Featuring Matt Rowe and Jared Dillian

Published on: May 7th, 2020 • Duration: 55 minutes

Recently the Federal Reserve has taken unprecedented steps to backstop the market, sending investors scrambling to relearn the "rules of the game," and inciting arguably justifiable outrage from others. Matt Rowe, CIO of Headwaters Volatility, and Jared Dillian, editor of The Daily Dirtnap, debate the utility of this outrage and explore whether the level of shock is justified considering the long history of the "rules changing". Additionally, they examine the misaligned incentives for investors and governments, try to make sense of the recent rally in equities and the bifurcation of the high-yield market, and look forward at the potential for big surprises like bailouts or the Fed stepping into the equity market. Filmed on May 5, 2020.