JPMorgan's Amoroso on Fed Rate Hikes

The transcript discusses the Federal Reserve's considerations for potential rate hikes, emphasizing the need for favorable economic conditions. It explores the impact of the stock market, particularly driven by companies like Apple, on the broader economy and the concept of the wealth effect. The discussion also highlights the importance of financial conditions, such as credit spreads, in influencing the Fed's decisions, with a focus on the critical role of patience as a policy tool.

Discuss the concept of the wealth effect and its potential reverse impact on the economy.

What does the term 'patience' refer to in the context of policymakers and the Fed?