Varney Now let s ░░░░░░░░ in Shah Gilani to ░░░░░░░░ about the big inflation ░░░░░░░░ which we got earlier ░░░░░░░░ morning 5 4 percent ░░░░░░░░ price inflation compared to ░░░░░░░░ year ago How do ░░░░░░░░ think that affects the ░░░░░░░░ Shah GILANI The market ░░░░░░░░ simply looked at it ░░░░░░░░ brushed it off Stuart ░░░░░░░░ it has pretty much ░░░░░░░░ inflation report I think ░░░░░░░░ markets honing to with ░░░░░░░░ Federal Reserve s position ░░░░░░░░ is quote unquote transitory ░░░░░░░░ don t think it ░░░░░░░░ transitory I think a ░░░░░░░░ of the inflation we ░░░░░░░░ seeing is more structural ░░░░░░░░ but the markets nonetheless ░░░░░░░░ focusing on what they ░░░░░░░░ be focusing on which ░░░░░░░░ not whether inflation is ░░░░░░░░ to exist longer term ░░░░░░░░ the horizon at what ░░░░░░░░ they re focusing on ░░░░░░░░ And earnings in the ░░░░░░░░ quarter have been we ░░░░░░░░ got about just shy ░░░░░░░░ 90 percent of the ░░░░░░░░ P 500 companies have ░░░░░░░░ 87 percent have beat ░░░░░░░░ estimates for earnings and ░░░░░░░░ percent have beat on ░░░░░░░░ estimates So earnings just ░░░░░░░░ it right out of ░░░░░░░░ park and I think ░░░░░░░░ re going to continue ░░░░░░░░ That s what investors ░░░░░░░░ focused on and that ░░░░░░░░ why we are making ░░░░░░░░ highs Varney So we ░░░░░░░░ continue to make new ░░░░░░░░ as we go forward ░░░░░░░░ Yeah What happens in ░░░░░░░░ second quarter as as ░░░░░░░░ got close to earnings ░░░░░░░░ reporting periods analysts started ░░░░░░░░ raise they estimates They ░░░░░░░░ still at the end ░░░░░░░░ the quarter in terms ░░░░░░░░ reporting we are woefully ░░░░░░░░ in raising They are ░░░░░░░░ to start to raise ░░░░░░░░ third quarter earnings so ░░░░░░░░ think they are behind ░░░░░░░░ curve there which means ░░░░░░░░ quarter earnings will probably ░░░░░░░░ which means the markets ░░░░░░░░ have a lot of ░░░░░░░░ has momentum in terms ░░░░░░░░ earnings and growth and ░░░░░░░░ investors that s what ░░░░░░░░ want to see it ░░░░░░░░ the mother s milk ░░░░░░░░ you know stock prices ░░░░░░░░ so we re continuing ░░░░░░░░ see it and will ░░░░░░░░ that momentum And I ░░░░░░░░ the market has yet ░░░░░░░░ level to go higher ░░░░░░░░ You stole my expression ░░░░░░░░ mother s milk of ░░░░░░░░ It s flattery You ░░░░░░░░ it lad you stole ░░░░░░░░ One of these days ░░░░░░░░ Gilani GILANI I m ░░░░░░░░ Laughter Varney You re ░░░░░░░░ to tell us all ░░░░░░░░ it s time to ░░░░░░░░ We are nowhere near ░░░░░░░░ point yet aren t ░░░░░░░░ All right Shah Well ░░░░░░░░ very much for being ░░░░░░░░ us all these years ░░░░░░░░ appreciate it We ll ░░░░░░░░ you again soon.”