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Screenshot from "The Fed Is Watching the Market."

The undisputed king of economics and finance country music debuted a new video on Sunday night for his certified banger "The Fed Is Watching the Market."

What's happening: In an exclusive interview, Merle Hazard tells Axios why he released a new video for the song almost two years after first performing it and details why the song's lyrics still resonate today and could for quite some time.

What we're hearing: "The Fed is watching the market/the market's watching back in return," Hazard croons on the track.

  • "Fundamentals are in tatters, I'm not sure it even matters."
  • "What companies possess or what they earn."

Where it stands: Hazard, aka investment manager Jon Shayne, says the uncertainty and anger surrounding the pandemic and the election caused him to hold off on releasing the song earlier.

  • "Things are somewhat more normal now," he tells Axios.
  • "Fed officials were talking last week about having noticed the sharp increase in Treasury yields. So it's a decent time...and people maybe have mental space for it now that they wouldn't have had from September of last year through January of this year."

Between the lines: The song reflects the worries Merle Hazard shares with many investors about creeping inflation and the zero-interest-rate environment that was expected to be temporary and has instead become a long-term feature of investing.

  • "Rates being at zero is like gravity having been repealed," he says. "And I don't think interest rates can stay this low forever. When they go up, asset prices, not just equities but real estate, too, likely will come down.
  • "When will this happen? I don't know, which is why, five years ago this week, I released a song titled, "How Long (Will Interest Rates Stay Low)?"

The bottom line: "I like poking fun at the Fed in my songs, but actually, I respect them and think they have a nearly impossible job," Hazard says.

Go deeper

The E-commerce shopping spree

Illustration: Aïda Amer/Axios

Retailers have gotten really good at selling stuff online. So much so, investors want them to separate from the business units that do just that.

Why it matters: Spinning off these crown jewels may jeopardize both the physical and e-commerce sides of the companies in the long run by breaking the benefits of hybrid operations, analysts say.

2 hours ago - World

U.S. envoy to visit Sudan as "most dangerous" crisis intensifies

The sit-in in Khartoum. Photo: Mahmoud Hjaj/Anadolu Agency via Getty

U.S. envoy for the Horn of Africa Jeffrey Feltman will visit Khartoum this week amid what Prime Minister Abdalla Hamdok has called the “worst and most dangerous" crisis of Sudan’s transition to democracy, two sources with direct knowledge tell Axios.

Driving the news: Roughly 2,000-3,000 people had joined a sit-in in Khartoum as of this afternoon, per Reuters, after protesters massed over the weekend to call on the military to bring down the government. The protests came just four weeks after a failed military coup.

Trump sues National Archives, Jan. 6 committee to block records request

Photo: Chip Somodevilla/Getty Images

President Trump filed a lawsuit Monday seeking to block the National Archives from releasing White House records to the House select committee investigating the Jan. 6 Capitol insurrection, citing executive privilege.

Why it matters: It's the latest escalation in Trump's campaign to disrupt the committee's sweeping probe into the circumstances surrounding Jan. 6, including his actions and communications leading up to the Capitol attack.