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First, the important stuff for investors: Jay Powell says he's not in any hurry to raise interest rates. "We will be patient," he says. He doesn't see a recession this year. Quote: "Growth will continue to be positive."
How about another financial collapse? Well, he says, "The system is vastly more resilient than before the financial crisis." Put it all together, and Jay Powell was positive about America's economic and financial health. And that is helping stocks this Monday morning.
The other side of the coin is Scott Pelley. There was a touch of arrogance in his questioning. He seemed condescending, using Jay Powell as a way to get at President Trump, who CBS clearly doesn't like. We've isolated some of his questions.
Now, any journalist interviewing the powerful Fed chair will probe for weakness in the economy. It’s your job to expose problems. Pelley certainly pushed very hard. Virtually every question was about something going wrong. But I got the impression that what “60 Minutes” really wanted was a negative headline on the president.
"Do you listen to him?" asked Pelley. "Can he fire you?"
Watching that interview I thought you guys really want a Powell-Trump clash! Or something bad on the Trump growth agenda. “60 Minutes” is on CBS and that network has no love for the president. Nor does Scott Pelley, who lost his job as the "CBS Evening News" anchor in part because of his blunt pronouncements on Mr. Trump.
It’s another facet in the ongoing media contempt for our president. As someone very interested in finance, I got a lot out of the Powell interview. But “60 Minutes” wanted some dirt on Trump, and they didn't get it.