Exclusive Interview with Investor Suing the Federal Reserve

To investors,

I don’t make a habit of sending this letter on weekends, but I thought this situation warranted the special occasion. Next week the Federal Reserve is scheduled to hold the FOMC meeting and their corresponding press conference. Fed Chairman Jerome Powell will announce the interest rate decision, which will move trillions of dollars in capital around the market.

But the FOMC meeting, which is how the Fed determines the interest rate decision, has historically been conducted in private. Some may even call it a secret meeting.

Azoria’s James Fishback believes the private meeting violates federal law requiring every government organization to conduct their official business in the public purview. So Fishback and his investment firm filed a lawsuit late this past week.

Normally these lawsuits would be dismissed without a hearing, but an Obama-appointed judge has granted an emergency hearing to Azoria on Monday (the day before the FOMC meeting). The judge will hear both sides argue whether the FOMC meeting should be live-streamed or not.

I have no idea what the judge will decide. No one does. But I thought the potential impact on financial markets was big enough to sit down with James Fishback to better understand his argument, along with what he thinks will happen if Azoria prevails in this lawsuit.

You can watch the full interview here:

Monday’s hearing will be very interesting. Hope you all have a good weekend.

- Anthony Pompliano

Founder & CEO, Professional Capital Management