Wells Fargo’s Chris Harvey Is Worried The ‘POPO’ Are Watchin’ The Trap

Wells Fargo’s Christopher Harvey is a man who thinks maybe you are underestimating the possibility of a Bitcoin collapse spilling over into equities.

And, Christopher Harvey is a man who isn’t afraid to say as much on national television if you invite him on CNBC and ask him about crypto spillover risk. If you don’t believe me, you can hear it straight from Christopher here and here.

Well(s), in addition to being ahead of the curve when it comes to crypto spillover risk, Christopher is also a man who thinks maybe he wouldn’t be completely out of his element if for whatever reason he found himself posted up in the trap, lookin’ out the blinds for ‘dem boys in the white vans, because, ahead of the Fed, he’s out with this:


If you’re a market participant, you’re all too familiar with “FOMO”. That’s a term that needs no explanation.

But if you haven’t spent any time over the stove, whippin’ the Pyrex, you might not immediately know what “POPO” means, so allow H-dog to explain it to your sucka’ ass:

Equities are no longer a one-way trade and ‘fear of missing out’ (FOMO) is quickly giving way to fear about the Fed or the POPO**, the monetary police.

**For the uninitiated. POPO is a term for police officer (PO) which came from bike mounted police officers. They wore vests with the initials PO, short for Police Officer and usually traveled in twos, hence POPO.

So what does this mean ahead of the Fed statement or, more generally, was there a point to this other than to give Chris an opportunity to shout out Bankhead? Maybe. Here’s Harvey again:

The Fed or the POPO

In Feb ’18, Janet Yellen, who we believe is the biggest Dove on the face of the planet, is being replaced by Jerome Powell, not the biggest Dove on the face of the planet. While many market participants don’t expect a major change in Fed policy with the handoff, we think the improving growth environment and anyone not named Janet Yellen means more Hawkishness, at the margin.

More tangibly and less snarky, we believe the FOMC Statement will need to be slightly more constructive on the economy and inflation, which in theory should be perceived as marginally more Hawkish. This is simply because excessive monetary policy combined with excessive fiscal policy is beginning to work. Sounds exceptionally simple but sometimes we need to state the obvious.

Yes, “sometimes” Chris “needs to state the obvious”.

Which, apparently, is that the neighborhood where you’re buyin’ your dope (which in this case is equities trading at nosebleed valuations) is no longer a no-go zone for the “popo”.

So if you see a white van, it might be surveillance by some hawks.

And if you see a hawk, stash the 9 mili in the bushes and hit da’ fence.


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