Fed Talk Is Pure Baloney

Peter Schiff was on Tuesday’s edition of PreMarket Prep, where he reiterated his bearish thesis for the market in the wake of the Federal Reserve’s decision not to raise interest rates last week.

Schiff wasn’t convinced by the positive market talk coming out of the Fed.

“I knew that it was all talk, and when Janet Yellen actually spoke she validated what I said,” Schiff said. “She basically came out and said ‘We’re not raising rates and it’s not because we think the economy is weak, it’s because we decided that lower interest rates are appropriate.’ Which is all B.S, because it’s all about the economy. The economy is a disaster. I think Yellen probably realizes we’re in a recession.”