Evercore founder Roger Altman: This inflation was caused entirely by the pandemic

Roger Altman, Evercore founder and senior chairman, joins 'Squawk Box' to discuss the latest market trends, why he believes the market is enjoying a 'goldilocks' macro environment, state of the economy, impact of tariffs on Chinese imports, whether a soft-landing is still achievable, the Fed's interest rate outlook, and more.

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[@MK-oj8ol]

Let's be clear, current inflation was caused by the Fed and Congress's RESPONSE to the pandemic. Both Republican and Democrats in Congress voted for stimulus packages that more than necessary and the Fed waited to long to begin tightening conditions once the stimulus packages were approved by Congress.

[@Felix-op1rw]

Russian ukraine is also a huge contributor. Energy prices did skyrocket. But if only fed and congress are at fault why is/was the inflation a global problem. If you compare the us with other industrial nations the us got great through covid. Inflation is the same as in other countries while unemployment and growth is way higher than in every other comparable country

[@gosmarte669]

💯

[@GeorgeSchneider8889]

You also omitted to tell people that the fed were already printing $80B a month before the pandemic. Why? Because Trump bullied JP and forced him to stop raising rates in 2019. Why was JP raising rates at the time? He could see the risk of inflation 🤷‍♂️

[@MBarberfan4life]

@@Felix-op1rw that's not hard to answer. Most countries sent people home, and their central banks printed money.

[@littledorrit6819]

Yeah, keep in mind, the ALTERNATIVE was far, far worse. Everybody forgets about what would've happened WITHOUT the response to the pandemic. It would've been absolutely horrific.

[@tomdrummy4984]

Amazing how many words can be spoken without saying anything that matters

[@dennismorris7573]

Evercore founder Roger Altman adding good perspective and giving some very sage advice.

[@acornsucks2111]

Like what.

[@situated4]

He's kind of a left-handed mechanic though, no?

[@Alpharizzchad]

​@acogyrnsucks2111 your a Bot your IP address is noted

[@johny-ql4wn]

live to this age and still hesitate to tell the truth

[@sw313]

The semiconductor was supposed to be the main reason autos were so high, now that it's back to normal the prices are still high. Anything to continue excuse for high prices.

[@theperson3693]

Yes, the excuse is there is a new floor. People are still purchasing vehicles that were 28k in 2018 for 41k today. If sales fall enough prices will but if people are willing to pay the prices will stay. Same reason home prices are still high, people are still paying the high prices. If vehicle sales fall of a cliff we'll get our lower prices.

[@Alpharizzchad]

The feds will not cut rates. Welcome to 1980-1989. When interest rates were 18-21% and housing was even higher. People need to live in their means not what someone else has. Because in the end. They to have the car Repo. And they get Foreclosed on. Don't live the Tic Tok life. We did not. And we had to find a way and we did.

[@CheveraChino]

Fed and congress at fault. Fed balance sheet grew by trillions in the past years. That is not sustainable.

[@2023gainer]

Charging Up 16 % Mon. FSRN... Fisker. 3 additional dealership agreements in New Jersey and California. Ocean Suv EVs nearing 7,000 deliveries. AMC and GME also soaring early today. Filling the Dips for Larger Long-term Gains. ?

[@acornsucks2111]

But the democrap spending has continued.

[@coreyjohannsen8353]

That spending spree started under Chump- FACT

[@jhull5870]

The FED "Put" has conditioned the markets to celebrate poor economic news and go down on good news. This has been the new paradigm for more than a decade.

[@nathanbeechey980]

Balance the budget

[@GlowackiGOES]

This is what happens when dinosaurs are running your nation 😂

[@RaniVeluNachar-kx4lu]

I don't think 102% Tariff on EV's from China is out of line. They will flood the US with $18K priced compact EV sedans and small SUV's or Crossovers. That is the price point where the WORKING POOR can really start to adopt the new technology instead of buying some Cheap Korean or Mexican-American compact SUV or car at $23-24K price. What is probably not spoken of is that China would also try to monopolize the facilities for the service and the manufacture of parts by Chinese firms too. Even here in America. So it would be a further shift away from the traditional American Manufactured automobile and the US based Dealership and US based service centers. China would try to own as much as possible of the after market stuff, after the sale as it were, where the real money is to be made. Cars are barely break even, except in the higher tier SUV and Trucks in the domestic market. It's the parts and service where the Dealership earns most of it's profit.

[@InnocentCardGame-sz2be]

Admit it. You all loved the stimulus during it. Many told you, you would all pay for it later... and now we are trying to push it out further... People and their psychology, isn't that economics?

[@angelicfurry301]

Our electric companies CEO made $8 million between pay and bonuses, the average line man makes $50,000 and you wonder why middle class is failing

[@matt49125]

Asking him what JB was telling him in the WH. We all know the answer to that!...diddly squat

[@dryrain2]

I'd argue that inflation was caused by the people, not the pandemic itself.

[@RaniVeluNachar-kx4lu]

Sorry, but I am not one to talk, but did his Grandmother buy that necktie for him? Roger? Orange Tie with Purple, Green and Blue diagonal stripes? It's like a TV Test screen. turn it off. I am getting a head ache.

[@escapedfromnewyork]

The pandemic didn’t cause inflation. Printing TRILLIONS OF DOLLARS during the pandemic did. As Milton Friedman has stated inflation is a monetary policy phenomenon. Period.

[@Alpharizzchad]

You know what happened and how the government acted. And you still post crazy stuff. Wake up and. Deal with it and don't blame people for your mistakes.

[@InnocentCardGame-sz2be]

I worry, about the unintended consequences of a coddled population. 30 hour work weeks and 6 month maternity leave for men. Workers who demand $25/hr but can't contribute $5/hr in productivity. Too much reliance on government debt to fund unproductive grifts like California homeless situation. Just more bridges to nowhere.

[@angelicfurry301]

Why are there homeless people

[@Ryan-re3jf]

Listen to yourself man. If growth is slowing, and people are losing jobs, Revenue and Profit are to follow.. Which MEANS all time high valuations are off. Who cares about rate cuts, that means nothing! what a joke

[@shirtdirt1874]

oh really? You don't say?

[@grandmiserthe3rd434]

Print ...........Spend ..........Crash .......!!!

[@TorukMaktoDracarys]

Blaming the Federal Reserve is like suing the Fire Department for Water Damage while the Arsenist aka Uniparty is still at large, Inflation was TRANSITORY but Democrats kept spending like drunken sailors (my apologies to drunken sailors), making TRANSITORY Inflation Permanent. Elementary my dear Watson

[@SnowbirdSteeze]

Inflation has never been transitory. The stimulus checks came under Trump, btw.

[@samuelreddy7816]

In terms of tariffs, if the US introduces tariffs on Chinese goods, China will reciprocate and introduce tariffs for US goods.

[@Alpharizzchad]

And ?

[@GM4ThePeople]

"Roger Altman" is an anagram for "Regal Matron". o/

[@nathanbeechey980]

Let be clear you can’t do qe1 because then u have qe2 and 3. Stop printing the money

[@Astrobucks2]

"Entirely". No. It was also, in part, due to the trillions of additional spending pushed through, but for which we're not getting a real economic return.

[@littledorrit6819]

The "return" is we saved millions of lives, including possibly in YOUR OWN FAMILY. The return is we avoided 30-40 percent unemployment, another housing meltdown similar to 2008, and disruptions not for a few years but for a decade or two.

[@johnnguyen6278]

Corporations hiking prices during the supply chain recovery are pushing consumers to their limits with all our savings gone, we can’t buy any more stuff

[@humanbeing5300]

That money contributed to inflation somewhat because it increased demand when supply was constricted due to pandemic supply chains but the original root cause of inflation was the supply chain and the cash infusion probably made it a bit worse. A good percentage of the population spent that money on day 1 on necessities and not luxuries so it wasn’t as big a factor as the supply constriction. There is also a corporate greed aspect about raising prices in the face of record profits. Corporations do not “have” to raise prices, they choose to.

[@peterdangelo5882]

Yeah sure why not. How are those 6 rate cuts starting in March doing for you?? Oh wait, they don't know what they are talking about.

[@greekbarrios]

As a nurse and part-time real estate agent with $330k saved, I'm keen to invest in the stock market to combat low bank returns and guard against inflation. How can I build a solid portfolio?

[@Lewyn298]

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A healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.

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[@TylerofSc004]

I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.

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[@charleswhite3759]

I think becky got a haircut

[@wellroundedwildones3376]

Title is inaccurate.

[@cvillanu]

he states it at the 4:50 mark

[@HeroDai2448]

Maybe

[@GeorgeSchneider8889]

Inflation will be gone if and only if housing becomes affordable. Any other talking point is just rubbish. We are paying the price of ignoring assets inflation for two decades

[@alexroberto6353]

I'm about to go to Cracker Barrel and spend some of the money I just made on Cracker Barrel Stock!

[@Astrobucks2]

Ah yes. A self sustaining circular economy, just like Paddy's Pub dollars from It's always sunny in philadelphia.

[@jacqueslucas8616]

Only a df dem would believe what Altman believes on inflation!!!! Freeeeeeee money given directly to da people😂😂😂

[@situated4]

S&P 7,500, please God!!!!!!!!!!

[@Alpharizzchad]

😅They should 😅😅😅😅 who is They I away love the they

[@chobson8602]

entirly by the government reaction to it more like

[@situated4]

Fruit-Stripe Gum necktie.

[@dgaz3057]

bingo

[@BadBoy-bl2dw]

lol 😂

[@alextube2551]

😂

[@LamarPassmore]

Biden said "corporate greed" and I agree. Now he isn't going to do anything about it but yeah.

[@Astrobucks2]

Yea, because they just invented corporate greed right when biden showed up. Come on.

[@Reynold-Kelly]

I'm favoured $130k every 4 weeks! I now have a good house and can afford anything and also support my family

[@Nickson3209]

Wow that's huge, how do you make that much monthly? I'm 37 and have been looking for ways to be successful, please how??

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[@Reynold-Kelly]

I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance

[@Devocion-Souza]

She's a licensed broker here in the states.

[@VirgoBurg]

😱Sounds familiar, I have heard her names on several occasions.. And both her success stories on wall street journey!

[@dfv671]

What happen to free trades Biden? I guess only if it benefits the US.

[@michaelc1063]

BIDEN2024🇺🇲🇺🇲🇺🇲

[@jacqueslucas8616]

Altman doesnt want the labor mkt to adjust till after the election😂😂😂. Pos

[@headspaceandtiming2114]

The reaction during the pandemic was not necessary. That’s clear 20/20 hindsight. The reaction to continue pandemic handouts and spending clearly after it became evident the so-called “pandemic” didn’t need to hamstring our economy. That was pure politics. And Biden owns it.

[@TheTruthiest]

So why was inflation worse almost everywhere else in the world? That's Biden's fault too?

[@GeorgeSchneider8889]

From 2000 to 2024, $5.5T was spent in corporate stocks buybacks instead of being reinvested into creating new jobs. Why do you always ignore assets inflation? Are you aware that it is the main contributor to inflation in housing?

[@brianp1030]

Disagree that the reaction to the pandemic in hindsight was not necessary...the reaction to the pandemic from a medical point of view and from an economical point of view seems warranted. Economically speaking, one could also argue the reason we didn't fall into a recession or even a depression is because we did print a bunch of money when we did. I'm not saying we won't fall into a recession eventually, obviously the fed is trying to slow down the economy, but if you recall, Sweden was very moderate in their covid response and they have been in recession since 2023 and we aren't. Lets be Americans first and not Republicans or Democrats first. This Liberal Bad Conservative Good or vice versa mentality is played out and unhelpful. Not everything from one side is right on everything which is why we need a balanced approach. While maybe we won't agree on this issue, let's agree to elect people that are moderate and willing to negotiate.

[@headspaceandtiming2114]

@@brianp1030 "medical viewpoint" That was one of the worst responses in history. When it first came on nobody could say, but by May, it wasn't happening, only on the media. Every death blamed on Covid was not accurate not even close. Personally, 250 people in my company, we stayed open all through Covid, contact with hundreds of people every day, not one person actually sick and the "positives" had no symptoms. We weren't some immune island and it was common all over.

[@headspaceandtiming2114]

@@GeorgeSchneider8889 Maybe. The bottomline is, the main contributor to inflation is Government spending. The Fed is applying the brakes and Biden is adding free money to a system that needs to grow on it's own. Gradually, maybe even fall back. But Government supported economies don't thrive.

[@jeremyh2728]

Yeah it wasn't Corporate Greed...peeing on my leg and telling me it's raining...

[@babba9960]

Liar

[@ssuwandi3240]

Fascism.. let's be clear