The Julia La Roche Show, Released on 11/20/25

Danielle DiMartino Booth, CEO and Chief Strategist at QI Research, joins Julia La Roche to break down the FOMC minutes. Danielle discusses the deep divisions within the Federal Reserve and their controversial decision-making heading into December. She argues the Fed is willfully ignoring abundant alternative data sources like ADP’s weekly reports while claiming to fly blind without official jobs data—data that won’t be released until after their December meeting due to administrative delays. Booth warns that if the Fed doesn’t cut rates in December, they risk triggering a liquidity crisis similar to December 2018, when Powell’s hawkish stance caused a market bloodbath on Christmas Eve and forced him to reverse course.

0:00 – Introduction & post-FOMC reaction
0:27 – Deep divisions within the Federal Reserve
1:47 – Fed’s tone deafness on inflation concerns
2:05 – Politics at the Federal Open Market Committee
3:32 – Alternative data sources: ADP & jobless claims
5:38 – The irony: administration’s self-inflicted rate cut problem
6:51 – ADP data: what Powell said vs. what the Fed does
7:32 – Market reaction & Nvidia’s impact
8:13 – Should the Fed cut rates in December?
9:39 – Powell’s contacts: the willful blindness problem
10:12 – Fed independence vs. politicization
11:28 – The damage of playing politics with monetary policy
13:51 – Treasury yields & market concerns
17:38 – Debt servicing crisis & political implications
26:54 – Private credit & private equity discussions
27:30 – Liquidity crisis warning: emergency rate cut risk
28:44 – Question for Powell?
29:27 – Why an emergency cut may be necessary
31:52 – Closing thoughts

Danielle DiMartino Booth is CEO & Chief Strategist for Quill Intelligence LLC, a research and analytics firm. She spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas. Danielle left the Fed in 2015 to found Money Strong, LLC, an economic consulting firm and launched a weekly economic newsletter She is the author of Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America. DiMartino Booth began her career in New York at Donaldson, Lufkin & Jenrette and Credit Suisse, where she worked fixed income and the public and private equity markets. Danielle earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

  economy, Fed, investing, liquidity crisis, stocks