DICK BOVE, chief financial strategist at Odeon Capital Group, has outlined how In its recent press conference, the Federal Reserve implied two adjustments in interest rates would be made in the coming months:

· The Federal Funds rate could be increased 7 times this year to what might be 2.00%

· The Federal Reserve balance sheet might be reduced in size by an unknown amount.

"Assuming this would happen," BOVE wrote to investors, "it is fair to speculate as to what this would mean to the United States financial statement and to financial statements of the Federal Reserve itself. The numbers are frightening. They imply that the Federal Reserve might not be able to pursue a course as rigorous as the one implied."

The numbers are indeed frightening, if not apocalyptic:

· Interest payments by the United States could conceivably reach the annual level of $620 billion by year end 2022, all of which would have to be borrowed in the open market.

· The real equity of the Federal Reserve, to the degree it exists, would be wiped out.

This episode will take a closer look at the implication of this soaring debt bill both for the US Federal government and the Federal Reserve with commentary and further analysis by Bove. The conversation with BOVE, MAT VAN ALSTYNE, Odeon Capital Group co-founder and managing partner, and journalist JOHN AIDAN BYRNE, will also turn to the brutal war and humanitarian crisis in Ukraine as well as to the markets and global affairs.