With all eyes on the US Federal Reserve and on the consequences of their action on interest rates this week, the Conversation is packed with timely topics—from the Fed's campaign to tame inflation to the new world of investing after a period of easy money. "The pressure now on the Fed to ease off is enormous," says DICK BOVE, chief financial strategist at ODEON CAPITAL GROUP, referring to the Fed's interest rate campaign to tamp down white-hot inflation. This pressure is coming from many sides. From Wall Street to Congress, the Fed is taking it on the chin, as a chorus of pundits and investors conclude the Fed may soon end its interest rate rise campaign—and then start trimming!  "When the Fed will cut is now being speculated upon," says BOVE.

On Wednesday, June 27, the Fed raised its key short-term rate by three-quarters of a percentage point for a second month in row. That now puts the federal funds rate at a range of 2.25% to 2.5%, near the Fed’s 2.5% long-run, or so-called neutral rate.

On another front—this time, the shrinking of its enormous balance sheet—MAT VAN ALSTYNE, ODEON co-founder and managing partner, suggests the Fed might be "playing games" to give the appearance the financial system is in better shape that it is in reality. The CONVERSATION travels the globe, taking a look at Ukraine and the manifestations of war. Journalist, JOHN AIDAN BYRNE, notes the hammer blow inflicted on Europe with Russia expected to reduce the Nord Stream flow of gas to Europe to about 20 percent of the pipe's capacity. As the CONVERSATION picks up on the war in Ukraine, BYRNE says that war by nature is brutal, tragic, never exactly predictable in outcome nor comparable to a game of chess. BOVE makes his case for why he sees Russia in the vanguard today in Ukraine. Wrapping up the Conversation, the episode looks back at forecasts by BOVE in the past 48 months and for his outlook on his same announcements.

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