Fed's Target Was Adopted With No Empirical Evidence

The Fed's 17% reduction in money supply caused the dollar to soar by 15%, mortgage rates to more than double to over 7%, and commodity prices to drop more than 20%, says Jay Hatfield. He discusses how inflation worries are growing while stocks turn lower. He notes how the Fed is always behind the curve because they don't look at the money supply. He also says that the Fed's 2% target was adopted with no empirical evidence justifying such a low rate. He also talks about the energy sector, highlighting InfraCap MLP ETF (AMZA). Tune in to find out more about the stock market today.