The Minutes of Howard Marks on fed policy https://minutesof.com/howard-marks/on/fed-policy/ Everything Howard Marks has said on Fed policy: 6 verbatim quotes between October 2023 and June 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:27 +0000 Marks identifies October 1, 2022 as the turning point when Fed dovishness began driving market optimism. https://minutesof.com/q/425b3576-a3a7-4feb-8132-551ef9fb9c21/ https://minutesof.com/q/425b3576-a3a7-4feb-8132-551ef9fb9c21/ “I'll say since 10/01/2022, which is a special date for a reason, it's when the Fed turned more dovish.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 fed policy Marks sees no reason for the Fed to cut rates given the economy is performing fine. https://minutesof.com/q/ea2ee804-b799-4d19-80bc-8092b169480e/ https://minutesof.com/q/ea2ee804-b799-4d19-80bc-8092b169480e/ “I don't see any reason to cut rates. I don't think this economy needs stimulus. The economy is doing fine.” — Barron's Fri, 12 Jun 2026 17:53:42 +0000 fed policy Marks characterizes Fed interventions as price controls that induce excessive risk-taking when money is artifi https://minutesof.com/q/549d9dfd-77f6-4067-a4dd-5494f8c0cd86/ https://minutesof.com/q/549d9dfd-77f6-4067-a4dd-5494f8c0cd86/ “And the Fed manipulations are a form of price controls. You know, they control the price of money. And if Fed puts money artificially cheap, then it induces behavior like risk taking.” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 fed policy Marks calls Fed rate setting a form of price controls that forces investors into riskier activities. https://minutesof.com/q/a3fcdc62-7fcb-41b8-8562-3e86fa218662/ https://minutesof.com/q/a3fcdc62-7fcb-41b8-8562-3e86fa218662/ “And the Fed manipulations are a form of price controls. You know, they control the price of money.” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 fed policy Marks argues artificially cheap Fed money forces investors into riskier activities when safe returns are too l https://minutesof.com/q/e0d5eb77-7408-42e2-bfb4-1dfa461b1e6d/ https://minutesof.com/q/e0d5eb77-7408-42e2-bfb4-1dfa461b1e6d/ “And if Fed puts money artificially cheap, then it induces behavior like risk taking. It forces people into riskier activities because the returns on safe activities are so low.” — Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 fed policy Marks says the Fed funds rate should exceed inflation to maintain a positive real rate. https://minutesof.com/q/15a739bd-c80b-4168-bcba-38bf5376930b/ https://minutesof.com/q/15a739bd-c80b-4168-bcba-38bf5376930b/ “If inflation's two, then the Fed funds rate should be higher than that so that there's a positive real Fed funds rate.” — David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 fed policy