The Julia La Roche Show #287 Danielle DiMartino Booth: The Fed Chose Independence Over The Economy Even As A Double-Dip Recession Unfolds
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Sep 19, 2025 
Danielle DiMartino Booth, CEO and Chief Strategist at QI Research and author of 'Fed Up,' brings her macroeconomic expertise to the conversation. She critiques the Fed's recent 25bp cut as prioritizing independence over economic relief. Highlighting alarming data, she asserts that the U.S. has created zero jobs since April and predicts a double-dip recession beginning in Q2 2024. Danielle stresses the potential risks of the 'Fed put' becoming obsolete, warning that hidden leverage in private markets could lead to systemic vulnerabilities.
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Payroll Revisions Reveal Earlier Recession
- Real-time payroll revisions reveal the U.S. entered recession earlier than markets acknowledge.
- QI Research: trade the narrative but own the truth about when recessions actually start.
Top 10% Drive Consumption And Asset Prices
- Economic pain is concentrated: the top 10% now account for nearly half of consumption while owning most financial assets.
- This concentration explains why markets can rally while most households feel recessionary stress.
Double-Dip Recession Call
- QI Research calls a double-dip recession: an early 2024 recession followed by a renewed downturn.
- Historical parallel: the brutal 1980–81 double-dip episode after policy and payroll shifts.
