Monetary Matters with Jack Farley Small Cap Season | Jack & Max on Fed Independence, Acuren, Franco Nevada, MSCI, and More
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Sep 19, 2025 Hosts delve into the implications of the September Fed meeting and the rising threats to its independence. They analyze the dynamics of potential Fed chair candidates and the impact of political pressures on personnel decisions. The discussion touches on the recent surge in small-cap stocks and company-level research opportunities. Insights on Acuren's unique role in data centers and MSCI's growing revenue streams in private markets also emerge. Finally, they explore the economic model of Franco-Nevada and the risks surrounding GPU cloud providers.
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Fed Independence Under Unusual Political Pressure
- Jack argues Fed independence is more at risk now than in his lifetime and sees political pressure as a core threat.
- He cautions that recent actions aimed at Fed governors appear politically motivated to influence rate policy.
Presidential Pressure Versus Institutional Autonomy
- Jack highlights President Trump's public claims that he should influence interest rates as a direct challenge to central bank independence.
- He frames the conflict as Trump versus Fed loyalists trying to preserve institutional autonomy.
Support Reviews, Avoid Politicized Purges
- Jack supports independent review of the Fed but warns against moves that aim to end its independence.
- He suggests scrutiny is fine but rejects politicized firing or delegitimizing of officials.