Part 11/13:
Leeman emphasizes the importance of who benefits from technological advancements: the companies investing heavily versus the consumers or workers who are supposed to adopt and profit from these innovations. Until the gains are widely distributed, he warns, markets may remain exuberant but unsustainable in their fundamentals.
The Federal Reserve: Political Pressures and Policy
Leeman offers insights into the role of the Federal Reserve amid political pressures. He underscores that the Fed is never in a political vacuum and that its policies are often subtly influenced by the White House and Congress. For example, during the recent rate hike cycles, the Fed appears to have operated within a politically cordial environment, with both parties generally approving the moves.