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COURT.
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LOU: AS WE ARE USED TO.
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THE YIELD CURVE INVERTED AGAIN,
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BUT INVESTORS NOT EXCITED AT
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ALL.
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THE DOW UP 258 POINTS.
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THE NASDAQ UP 30.
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TWO WEEKS AGO, MUCH IF NOT MOST
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OF OF THE LEFTIST MEDIA AND
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BUSINESS PRESS PANICKING OVER
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THE INVERSION OF THE YIELD CURVE
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AND USE IT TO FUEL THEIR
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NARRATIVE OF AN IMPENDING
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RECESSION.
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OFTEN FORGETTING TO KNOW IT
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USUALLY TAKES TWO YEARS BEFORE A
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RECESSION SETS IN AFTER AN
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INVERSION.
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JOINING US TONIGHT PETER
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NAVARRO, STARNT TO THE
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PRESIDENT, DIRECTOR OF TRADE AND
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TRAIL POLICY, DIRECTOR OF THE
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WHITE HOUSE NATIONAL TRADE
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COUNCIL.
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LET'S START WITH THE YIELD CURVE
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INVERTED AGAIN.
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TO A GREATER DEGREE THAN TWO
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WEEKS AGO.
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AND INVESTORS DISMISSING IT.
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I READ THAT AS A PRESIDENT WHO
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HAS GREATER CREDIBILITY THAN THE
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BUSINESS PRESS.
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THEIR HAIR WAS ON FIRE TWO
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WE KNOW WE HAVE THE JAY POWELL
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PROBLEM WHERE THEY ARE NOT
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LOWERING RATES FAST ENOUGH.
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LET ME GIVE YOU MY 60 SECONDS.
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>> CAN YOU MAKE IT 30, WE ARE
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ALREADY A MINUTE AND.
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>> TRUMP FOR PILLARS, TAX-CUT
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DEREGULATION, TOUGH TRADE
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REFORM.
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THE WAY WE GET THIS, FROM 2% TO
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3% GROWTH, FED CREDITS RATES,
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EUROPEAN CENTRAL KIT CUT RATES.
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AND WE GET CHINA ENGAGING IN THE
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STIMULUS.
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IT IS ALL GOOD.
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THAT IS THE KEY AND FINALLY ALL
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THE ACING ON THE CAKE.
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>> USMC I, THAT SOUND A LOT LIKE
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A TRADE AGREEMENT WITH MEXICO
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AND CANADA.
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>> WHAT IS INTERESTING, I KNOW
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YOU'RE ON A ROLL AND A HATE TO
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INTERRUPT, BUT WE NEED TO
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UNDERSTAND THE UNDERLYING
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MOTIVATION TODAY AT LEAST
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REPORTED BY THE BUSINESS PRESS.
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THAT IS OPTIMISM ABOUT THE CHINA
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U.S. TRADE AGREEMENT, IS IT
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MISPLACED, THE OPTIMISM, OR IS
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IT WELL-PLACED.
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>> I THINK WHAT THE MARKET WAS
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RESPONDING TO WAS THE REALITY OF
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ALL THE GOOD THINGS HAPPENING IN
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TERMS --
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>> LET ME TRY THIS AGAIN, I KNOW
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YOU WOULD LOVE TO FOLLOW --
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>> I WOULD SAY IS OPTIMISM I'M
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NOT SURE WHETHER IT'S MISPLACED,
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YOU KNOW ALL NEGOTIATIONS TAKE
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PLACE BEHIND CLOSED DOORS --
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>> WE WON'T BUY THAT.
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SO WHAT IS YOUR PRECISE
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QUESTION?
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>> IS SUCH OPTIMISM MISPLACED OR
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WELL-PLACED CUSTOMER
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WELL-PLACED?CUSTOMER
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>> WE HAVE SERIOUS STRUCTURAL
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PROBLEMS BUT THE CHINESE ARE
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COMING HERE IN SEPTEMBER TO TALK
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ABOUT THEM.
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LET'S SEE IF WE CAN WORK THROUGH
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THAT.
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I TELL YOU IS UNLIKELY THAT
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ANYTHING QUICK WILL HAPPEN GIVEN
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THE STRUCTURAL BASIS OF THE
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PROBLEM.
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YOU KNOW WHAT THEY ARE, STEALING
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OUR STUFF AND KILLING AMERICANS
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WITH FENTANYL AND EVERY THING IN
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BETWEEN.
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BUT FOR ME, LOOKING AT THE
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ECONOMY.
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LIZ: THERE NOT A NICE BUNCH ARE
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THEY?
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>> I THINK THEY HAVE A
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REPUTATION GOING BACK TO 1949
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AND NEVER FOR FILLING ANY OF THE
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COMMITMENTS AND THEN GOING BACK
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TO 2001 AND BREAKING EVERY RULE
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IN THE WTO BOOK AND TAKE OVER
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70000 FACTORIES AND 5 MILLION
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MAIN FACTORY JOBS.
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YOU THINK AMERICA HAS FINALLY
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REALIZED THAT'S EXACTLY WHO
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CHINA IS IN SUPPORTING PRESIDENT
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TRUMP AND TAKING ACTION.
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LOU: I DON'T THINK THERE'S ANY
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DOUBT ABOUT THAT SUPPORT AND IT
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IS UNDERSTATED POWER IN THE
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LEFT-WING 80
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LEFT-WING M0
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LEFT-WING MEDIA.
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I DON'T HEAR A LOT OF BLUBBER
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FROM WALL STREET ANYMORE OR THE
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CHAMBER OF HORRORS OR COMMERCE
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OR THE BUSINESS ROUNDTABLE ABOUT
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FREE TRADE.
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THE PRESIDENT SEEMS TO HAVE MADE
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IT VERY CLEAR THAT THERE HAS
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BEEN NOTHING FREE ABOUT FREE
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TRADE FOR THE LAST FOUR DECADES
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IN THE BALANCE TRADE IS THE
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FUTURE AND AS A LEADER OF THE
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FREE WORLD, HE IS PERSUADING IN
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THE REST OF WESTERN CIVILIZATION
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CERTAINLY THAT THIS IS A NEW
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DAWN.
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WHAT DO YOU THINK?
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>> ITS RECIPROCAL TRADE AND
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EUROPE IS GETTING ON BOARD AND I
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THINK EUROPE VIEWS CHINA JUST AS
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WE DO, AS A COUNTRY THAT IS
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VIOLATING ALL THE ROLES AND
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THREATENING THE INTERNATIONAL
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ABILITY TO HAVE A DECENT TRADING
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SYSTEM.
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SO LET'S SEE WHAT HAPPENS.
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IN THE MEANTIME, IN THE NEXT
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MONTH OR TWO, WE NEED THE FED TO
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DO ITS JOB, TO CUT RATES,
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EUROPEAN CENTRAL BANK WILL HELP
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US AS WELL.
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LOU: LET ME MAKE A FORECAST,
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THAT IS THE FED WILL CUT RATES,
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JEROME POWELL HAS HAD -- HE IS
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BEEN TUTORED, HE IS MORE
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EXPERIENCED BY EVENTS.
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THERE IS NO WAY IN THE WORLD HE
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WOULD NOT CUT RATES.
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AND I WILL BET YOU ANY AMOUNT OF
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MONEY ON THAT ONE.
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>> LET'S MAKE SURE HE IS PLAYING
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CHESS NOT CHECKERS.
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LOU: I CANNOT MAKE SURE OF
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ANYTHING AND IF YOU'RE NOT GONNA
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TAKE MY BET I GOT A GO.
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>> WILL BE PUT MONEY DOWN ON IT.