larry: are you kidding, back to reading you read larry lindsay. old friend.e is not only changed his mind, i don't care what forward future people think they have been young for 300 years, they are moving it to september. sure. he reminded us, larry lindsay, that janet yellen, a poor treasury secretary, but a good me fed chair, she tightened raised fed funds rate after the election in 2016, the fed meeting was in december she raised fed funds target, i think a couple more times in 2017, because inflation -- i am suggesting brian brenberg, that j. powell is reading that playbook, that there is -- not only will there be no rate cuts, but they may have to raise rates after the election. >> let me say. >> long shot maybe. >> this is watershed moment, you go one of two ways, if you do that, that tells you that fed may be reestablishing real independence. you make a good case if he cuts, no mistake right now given the data, you have a hopelessly politicized fed. one is a great move. and one is terrible. larry: and potential well -- worse and worse inflation story.

i have gone over this ground so many times but, but, distinguished economist larry lindsay is writinghat people making less than $200,000 had an average tax cut of 5.5% under trump. now that's a bigger number than the 3.9% tax cut for those making over 200,000. real weekly earnings during the trump years rose 7.7% from the end of 2016, to the end of 2020. now thighs are average families. these are typical working folks. they are not rich people. they enjoyed a virtual boom under mr. donald trump. meanwhile underbiden real wages have dropped 2.9%. solet me get this right. typical families income up 5.7 under trump but fall 2.9 underbiden. that is 10.5% swing against biden. that explains so much why economic confidence in tum typically runs 25 percentage points more compared to biden. meanwhile the key measure of inequality, stay with me on this it is called the genie coefficient. that's most widely used for inequality. it declined significantly under trump. he was the first president in four decades to leave office with a lower genie than when he entered. that means, inequality fell du

larry lindsey from the lindsay group writes in this morning: the fed's life being made more difficultes to allow the yen to slide to historically low levels rather tap than bring forward any further rate hikes. although the doj did end its negative interest rate policy, it left its effective overnight rate at just 5 basis points. what do you make of this plummeting of the japanese if yen overnight? -- yen overnight? >> it was interesting. there was a plummeting, and then we saw a are reversal on the speculation there's been some intervention. this level is very, very important. and what i expect is the federal reserve's job is not going to be made easier by the japanese yen, but at the same time if we just look at what's happening here in the united states, when we have is fiscal spending that is very much out of control, and we have a is situation to where consumers are really struggling, there's just not a really good peace for the fed to go. that's why we believe stagflation is here, it's going to get worse, and the federal reserve is not going to be able to do anything except for