Okay, everybody. Here we go. It’s me, Gregory Mannarino, Thursday, March 20th, 2025, Premarket Report. People, I want to take a little trip back in time to yesterday real quick. And let’s talk about what happened. So the Federal Reserve, as we all know, kept rates the same. This was not a surprise to anyone that followed this blog. More than likely, most people knew this wasn’t going to happen. But the Fed did lay out their case for rate cuts all the way through 2027. That alone should have done more to prop up the stock market, in my view.

Something else happened that should have had an even greater effect than the Fed promising to cut rates moving forward. And that was the runoff of the Federal Reserve’s balance sheet. Now, yesterday, if you did not see my post-market video, I would suggest stopping here right now. I don’t have the chart for you, unfortunately. I got rid of it. But watch that video I did yesterday. I showed you a chart of the Federal Reserve’s balance sheet, which has been ballooning since the financial crisis of 08 here. And what the Fed said yesterday was they were going to stop the runoff in the balance sheet.

What does that actually mean? Okay. So we understand that the Fed holds securities. All right. This is what the Fed does. It’s a game that they play with the market. It’s an incredible thing. They are literally both the lender and buyer of last resort. I think we’re all on the same page. So what the Federal Reserve is going to do here is start reinvesting debt when it comes to maturity, and that is going to balloon the balance sheet further than it already is. I mean, the Federal Reserve’s balance sheet right now is larger than the GDP of most countries on Earth.

I want you to think about what I’m saying. Okay. Now, let’s put this together. So yesterday, the Fed, okay, no change with regard to the federal funds rate. Lovely and fantastic. But they said we’re going to cut rates through 2027, right? That alone, like I said, should have been enough to at least have a follow-through rally today. And the market reacted almost nothing yesterday with regard to not only who the Fed said is they’re going to cut rates through 2027, but with the balance sheet runoff. We got a bump yesterday in the market, but not, as I said yesterday, nothing overly dramatic.

I mean, look, this is full-on, in our face now, quantitative easing with regard to the Fed’s balance sheet. They think, look, man, they’ve been talking about this nonsensical garbage about quantitative tightening. We’re running off the balance sheet. It’s garbage. Look at the balance sheet overall since 2008, man. It’s hyper ballooning, which is, of course, their goal. So the reaction to the market, no, I’m not calling for a crash here, especially in light of what’s happening this morning. I’m going to show you in a second here. But there’s something else happening, and we did hear from President Trump.

We heard from the Fed, and it’s kind of interesting. We’ve got to talk about that, but I want to show you what’s going on here with the 10-year yield. The 10-year yield is dropping precipitously. We were at over 4.3, 4.31 just two days ago. Look at what’s happening here to the 10-year yield. It’s dropping through the floor on top of that. We’ve got stock futures lower this morning. Again, no follow-through from yesterday’s bump here. I still believe that the stock market remains in a corrective phase, but the fact that not only did the Fed say, I mean, come on, man, that they need cutting rates through 2027.

They’re going to be ballooning the balance sheet, and we can’t even get a follow-through rally in the stock market. Do you see what I’m talking about here? Look, here’s the situation on a grander picture. You know I’m a macro guy. And people look, man, you guys are going to take this any way you want to. These are the facts. The United States is in a whole lot of trouble right now. No one wants our dollar. No one wants our product. We’re being isolated. We’re being pushed in some kind of corner. And we are at war.

We are at war. So there’s a lot going on. And the economic policies that are in place right now are obviously not very good for the economy. They may support, and I mean may. I want you to listen to me real quick here. Support the corporate agenda, because that’s really all that matters. You don’t even need a functioning brain for this here. Wealth is being stolen. It’s been being stolen for a very long time, right from the middle class, right from the economy, and shoved right up to the 1% and 2%. The Fed’s playing right into that game here with promising to lower rates through 2027.

This is a wrecking machine for the economy, people. It’s a wrecking machine for the purchasing power of the currency. Anybody who understands the most basic elements of economics and finance realizes this exactly what’s going on. Look around you, people. We are in a very bad spot. And why? It’s because the currency is being devalued. It’s evaporating. And people are suffering. But this is going to continue. It’s not going to stop. In fact, you know what, let’s just talk about what’s happening here. It’s an incredible thing, because, you know, you and I have their playbook. It’s unbelievable.

So this is this morning, morning bid, Fed soothes. And hold that thought, because you’re not going to believe what’s coming out of the mouth of the Federal Reserve. And Trump is freaking out that the Federal Reserve is not cutting rates now. As a matter of fact, he’s demanding that the Fed cut rates in April. As a matter of fact, let’s look at that. Reuters again. Fed in no rush to cut rates, although what did the Fed just do? They outlined that they will be cutting rates twice this year. This is the bottom line. All the way through 2027.

Okay, great. Now, Trump disagrees that the Fed needs to start cutting rates now, calling for rate cuts to begin in April. Now, President Trump posted on Truth Social that the Fed needs to start cutting rates now to do the right thing. We all understand that this is the last thing we need. But let me tell you something else. This is exactly what we said would happen. They’re setting up a game between the Federal Reserve and President Trump. The Fed already told you they’re going to be cutting rates through 2027. Now, we understand that this means a loss of purchasing power.

The mechanism here of low rates, artificially suppressed rates. What does it do? How does the central bank lower rates? Do they just say it? Do they wave a magic wand? No. The Fed has to create cash in any amount they want, get into the market, buy the debt, balloon the balance sheet. What did they tell us yesterday? They’re going to stop the runoff in the balance sheet. People, this is too easy, what I’m explaining to you. But this is very troubling to me with regard to what President Trump, Elizabeth Warren, and of course our Treasury Secretary, Besant here, calling for low rates.

Calling for low rates, which means you lose. You have to understand, we are moving towards something way worse than a recession. I think we’re in recession right now. People can’t survive. Their loan defaults across the board, ballooning debts and deficits and everything else. And then again, we are at war, which is going to make the United States debt and deficits go parafreakinbolic. I think we’re all on the same page. Now as again, war is being used as a mechanism to vastly expand the debt. As a mechanism only to prop up the stock market. Look man, you’re being sold another lie.

It’s time to wake up. War right now is being used as a weapon against you. Not against the Houthis, not against shipping laces or garbage. They’re using this as a mechanism to pull debt into the now to keep the stock market propped up. But look man, the stock market ain’t responding very nicely right now. I don’t believe the correction is over. This is not a crash in my opinion. Why? Because the real crash is going to begin and end in the debt market. You all know that. Are we on the same page? I hope so.

So listen man, when you have, again with President Trump here, calling for lower rates, he’s been doing, this is a game. The Fed is going to lower rates. They said it anyway. Again, a central bank, when a central bank hears a president in this case, calling for lower rates, they go full on or into an orgasm because this allows them to inflate. So we have the mechanism of war right now allowing the Federal Reserve to inflate, which is their goal, to own it all, add to their balance sheet, which they told us yesterday.

That’s what they’re going to do. They’re stopping the run off, okay? Now you’ve got President Trump here saying the Fed needs to cut rates, which means the Fed gets stronger. They get to create cash out of nothing, buy the debt, balloon their balance sheet. This is massively currency purchasing power negative, but Trump isn’t happy enough. He’s not happy about that. He wants lower rates now, which means you lose bigger. People, do you understand what I’m saying here? This is basic economics and finance. Now I understand that President Trump went to Wharton Business School.

I don’t know. Maybe he graduated at the bottom of his class. Because the fact, and look man, I’m not putting the man down. I’m telling you what basic economics and finance is. Period. Anybody who understands this at the most basic level realizes that what I’m saying is absolutely true. This is why the common denominator around the world is the middle class is losing on the back of what? Artificially suppressed rates, currency purchasing power, destruction, which is doing what? Wiping out the middle class. Wiping out the economy, and that wealth is being stolen and pushed right up to the one in two percent.

Where are the people rallying in the street about that? They’re not, because they have no idea what’s going on. But you do if you follow this blog. And we call this, I told you that we were going to hear from President Trump. I did not expect to hear it now about him going off on the Fed for not cutting rates. This is a game. This is a game and you’re being played yet again. Politics or politics is nothing but a game. The fact is we need much higher rates, people. We got to return purchasing power to the currency.

Does this make sense? We are not going back to a constitutional money system. We’re being pushed into a crypto system. The dollar is being systematically eradicated. They can’t tell you this. Central bankers aren’t going to tell you this. Trump isn’t going to tell you this. Pocahontas is… Let’s maybe be nice here. Elizabeth Warren calling for the same thing as Trump, okay? Interesting dynamic and player. She’s not going to tell you that. Besant is certainly not going to tell you that because he’s peddling US debt to the rest of the world. Does this make sense to you what I’m saying here? Or am I triggering some people? Because am I making too much sense? Too much truth here? Let’s move forward.

Now, you’re not going to believe this. Transitory is back in the Federal Reserve’s vocabulary. Yeah. Inflation was supposed to be temporary. And transitory? Transitory is back as the Fed doesn’t expect tariffs to have long-lasting inflation impacts. This should scare you. Because obviously, we know where this is going to go. Powell. Downplay is growing. We’re seeing tariff impact as transitory. People, this is not transitory. We’re being squeezed from every angle you can dream about and anything that nightmares are made of right now. We’re being wiped out. What I’m telling you is going to happen here.

It’s too simple to understand. Obviously, look, man, tariffs are a tax on the people. We’re still hearing the same garbage that it’s nations that pay. Trump has done everything in his power to try to convince his followers that look up to this man, that it’s governments, it’s nations that pay the tariffs, and we’re hurting governments by doing that. We’re not. People, please don’t take my word for what I’m about to tell you. Tariffs are not paid by the government. Here in the United States, we’re getting hit with all kinds of reciprocal tariffs. Is our government paying those tariffs? No, it’s not.

Those tariffs are paid by the importers and exporters, and those costs are passed on to you. Okay, we are in an economic war globally right now. This tariff war, what it’s going to do is hurt you. It ain’t going to be temporary or transitory until tariffs are lifted. So the Futter Reserve is selling you a lie. Imagine the Futter Reserve lying to you. Imagine a politician lying to you. That’s all we get here. There is no truth whatsoever anywhere. You know what the truth is? It’s right here with you and me. Is what I’m saying to you making sense or is Greg just not at all making sense? Greg should just stop doing videos today.

I mean, come on, guys and girls. It’s too simple. We have their playbook. We knew President Trump would come out on a new tirade about the Fed, even though the Fed promised to cut rates twice this year, moving to 2027, and more importantly than that, the Futter Reserve promised to balloon their balance sheet. They’re stopping the runoff. And the market isn’t really responding very positively. I want to hear from you on this stuff we’re talking about. Is what I’m saying making sense to you or no? If it’s not making sense to you, I can understand that.

Some of this stuff is a little complicated, but please either watch the video again, write down where I’m not making sense to you, okay, and look these concepts up for yourself. This is very basic economics, finance, peer in the end. This is how it works. Again, man, look, in economics and finance, I’m just going to tell you one more time, and maybe you want to write this down. There are literally just two absolute truths, fundamental or absolute truths. To have a strong economy, you need a strong currency. Cutting rates destroys the purchasing power of the currency.

So what does that tell you right off the bat? Number two, to have a currency, having purchasing power, you need a corresponding rate of interest high enough to support it. We’re not getting that either, people. Do you see what’s happening here? If you believe that this is by accident, I really believe in my heart that the Federal Reserve and President Trump think that you are submorons because they believe that you don’t understand these concepts. We’re back to transitory. Transitory with regard to the effect of tariffs from the Federal Reserve. Trump is out here demanding lower rates here again, which is what? A currency person’s a power destroyer, a wrecking machine for the economy.

But this is how we’re going to make America stronger and great again? We’re being erased. Look, if you believe I’m attacking President Trump, I’m not. I’m just telling you what the basic premises are. I cannot believe how sensitive some of you are. If you don’t believe this man walks on water and you’re willing to get down on your knees and lick the crud out between his toes, then you’re against Trump and you have TDS or whatever it might be. You know what? Any sane person would have TDS right now. We’re being destroyed.

We’re being destroyed from within, from within. I told you guys and girls from before the presidential selection that whoever they choose would be the best friend to the Federal Reserve, and that’s exactly who we got. When you have someone calling for lower rates here they’re being a friend to the Federal Reserve, you have a person who’s instituting a new war, which is open-ended and worsening. Where’s the cash from? It just appears magically, yeah, it’s the Fed. They’re supplying all the cash. All but Warsaw Bank, would you understand what you’re actually seeing here? Well, do you really believe, really honestly, that this is the pathway to make America great again? We’re being wiped out.

We are being destroyed. I don’t know another way to tell you that. And if you want to attack the messenger, go ahead. I dare you to try to attack the message here, okay? Attack me? I don’t give a damn. All it does is help me out by adding to the algorithms. All your comments, your negative comments, Greg looks like this and Greg is this and Greg is that. All you want, because I really don’t freaking care. There have been a lot of greater people, men and women in this world, that have been ridiculed and some of you have been executed and crucified and everything else.

I mean, come on, man. I’m just, I’m nothing. I’m just a guy here with a little bit of a platform with a voice trying to educate people. You want to attack me? That’s fine. Attack the messenger. Try to attack the message. I freaking dare you, all right? I love all you guys with all I got. I hope you got something out of this video. If that’s the case, please do share the video. Get it out there. Let’s make people understand what’s happening. It’s unbelievable. It just gets worse every freaking day. Worse every day. We’re being pushed into an absolute meltdown of a global economy.

Pandemonium in the streets are locking up of the system. You know all this already. They want us at each other’s throats. Their agenda is division and hatred. Our agenda is unity and love, man. But there’s no money in it. There’s no money in unity and love. There’s a lot of money in hatred, division, war, death, pain, suffering. Sound about right to you? Of course it does because you’re smart. I’ll see you later, guys and girls. 4 or 5 PM Eastern for the live stream. Let me know what you think about all this stuff here. I appreciate it.

That’s it. I’ll see you. [tr:trw].

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