RUSH TRANSCRIPT Widespread layoffs ░░░░░░░░ he took over Now ░░░░░░░░ s shift gears back ░░░░░░░░ the markets and bring ░░░░░░░░ Michael Landsberg chief investment ░░░░░░░░ of landsberg Bennett private ░░░░░░░░ management Michael thanks much ░░░░░░░░ joining us this morning ░░░░░░░░ to the show I ░░░░░░░░ to get your reaction ░░░░░░░░ the markets of the ░░░░░░░░ here especially as we ░░░░░░░░ the end of the ░░░░░░░░ week in the midst ░░░░░░░░ earnings season on that ░░░░░░░░ heels of this big ░░░░░░░░ of the day that ░░░░░░░░ got up this morning ░░░░░░░░ think it s interesting ░░░░░░░░ the economic data when ░░░░░░░░ go through and actually ░░░░░░░░ think throws the idea ░░░░░░░░ a fed pivot it ░░░░░░░░ and further out the ░░░░░░░░ to 9 GDP print ░░░░░░░░ is a pretty strong ░░░░░░░░ and in jobless claims ░░░░░░░░ pretty much nonexistent you ░░░░░░░░ that that thought of ░░░░░░░░ because hey we were ░░░░░░░░ and I start to ░░░░░░░░ I think the Fed ░░░░░░░░ going continue to raise ░░░░░░░░ I think even brings ░░░░░░░░ 50 basis point rays ░░░░░░░░ on and on the ░░░░░░░░ I don t think ░░░░░░░░ is going to happen ░░░░░░░░ certainly a strong GDP ░░░░░░░░ and jobless claims being ░░░░░░░░ they are I think ░░░░░░░░ Fed continues to be ░░░░░░░░ they are I think ░░░░░░░░ ultimately I put some ░░░░░░░░ on earnings and you ░░░░░░░░ seeing that with earnings ░░░░░░░░ not withstanding everyone it ░░░░░░░░ reported earnings This 127 ░░░░░░░░ the 500 It s ░░░░░░░░ 0 earnings growth nothing ░░░░░░░░ nothing to grow in ░░░░░░░░ it s a deceleration ░░░░░░░░ lots of parts of ░░░░░░░░ economy I want to ░░░░░░░░ back on that and ░░░░░░░░ about those economic now ░░░░░░░░ really quickly once again ░░░░░░░░ know we continue to ░░░░░░░░ about widespread layoffs hitting ░░░░░░░░ the tech industry here ░░░░░░░░ the volatility that we ░░░░░░░░ economy Obviously jobless claims ░░░░░░░░ in a little you ░░░░░░░░ lower than expected wasn ░░░░░░░░ even there anything that ░░░░░░░░ you in the economic ░░░░░░░░ that we saw this ░░░░░░░░ I think the tech ░░░░░░░░ a good point I ░░░░░░░░ what s going to ░░░░░░░░ with tech is they ░░░░░░░░ over higher during the ░░░░░░░░ times yeah wide profit ░░░░░░░░ your stuff we re ░░░░░░░░ you know layoffs now ░░░░░░░░ lot of these folks ░░░░░░░░ packages they re not ░░░░░░░░ to be hitting we ░░░░░░░░ the jobless claims anytime ░░░░░░░░ And a lot of ░░░░░░░░ jobs that are open ░░░░░░░░ think the 10 million ░░░░░░░░ jobs A lot of ░░░░░░░░ paying service jobs So ░░░░░░░░ don t I don ░░░░░░░░ think you re going ░░░░░░░░ see somebody that you ░░░░░░░░ that that lost their ░░░░░░░░ at apple or Amazon ░░░░░░░░ Microsoft going to work ░░░░░░░░ So I think that ░░░░░░░░ s an area where ░░░░░░░░ is some room to ░░░░░░░░ jobs because the profit ░░░░░░░░ have been there they ░░░░░░░░ all telling you that ░░░░░░░░ the economy slowed And ░░░░░░░░ think you know for ░░░░░░░░ to say that it ░░░░░░░░ a while because Texas ░░░░░░░░ so well and that ░░░░░░░░ one of the reasons ░░░░░░░░ is not it has ░░░░░░░░ a favorite of ours ░░░░░░░░ about a year It ░░░░░░░░ did so well for ░░░░░░░░ long There s a ░░░░░░░░ of frost and their ░░░░░░░░ of not not concerned ░░░░░░░░ the bottom line because ░░░░░░░░ top line it s ░░░░░░░░ so much so I ░░░░░░░░ that s a it ░░░░░░░░ kind of reckoning for ░░░░░░░░ the last year and ░░░░░░░░ another 6 months All ░░░░░░░░ Michael let s talk ░░░░░░░░ earnings which you mentioned ░░░░░░░░ obviously we re in ░░░░░░░░ midst of the thick ░░░░░░░░ earnings season right now ░░░░░░░░ had some impressive numbers ░░░░░░░░ out of Tesla last ░░░░░░░░ which has boosted the ░░░░░░░░ this morning You say ░░░░░░░░ interest rates and higher ░░░░░░░░ really impacting companies So ░░░░░░░░ else are you kind ░░░░░░░░ noticing these earnings what ░░░░░░░░ you anticipating moving forwards ░░░░░░░░ think what I look ░░░░░░░░ earnings I think for ░░░░░░░░ most part people have ░░░░░░░░ real optimistic I m ░░░░░░░░ about Wall Street analysts ░░░░░░░░ we are earnings are ░░░░░░░░ to be and I ░░░░░░░░ re slowly seeing people ░░░░░░░░ down but a good ░░░░░░░░ we ve kind of ░░░░░░░░ attack in discretionary for ░░░░░░░░ and I look at ░░░░░░░░ fair for example in ░░░░░░░░ research that we saw ░░░░░░░░ know retail had you ░░░░░░░░ about a 150 billion ░░░░░░░░ worth of earnings last ░░░░░░░░ years obviously spike down ░░░░░░░░ Covid spike back up ░░░░░░░░ people are still modeling ░░░░░░░░ you know 3040 higher ░░░░░░░░ rise We think that ░░░░░░░░ re going to see ░░░░░░░░ that space So I ░░░░░░░░ you re still summer ░░░░░░░░ on the downside for ░░░░░░░░ So I think the ░░░░░░░░ overall a little bit ░░░░░░░░ year But I think ░░░░░░░░ re going to start ░░░░░░░░ see the map rove ░░░░░░░░ is we re slowing ░░░░░░░░ s very few places ░░░░░░░░ are growing You know ░░░░░░░░ quality companies are decelerating ░░░░░░░░ Microsoft s obviously high ░░░░░░░░ company and they re ░░░░░░░░ the worst seen him ░░░░░░░░ 6 years earnings are ░░░░░░░░ backwards least for the ░░░░░░░░ quarter so I think ░░░░░░░░ have to kind of ░░░░░░░░ attention that try not ░░░░░░░░ pick a bottom here ░░░░░░░░ I still think there ░░░░░░░░ a lot of there ░░░░░░░░ not a lot of ░░░░░░░░ specifically attack the places ░░░░░░░░ we like or things ░░░░░░░░ you actually have some ░░░░░░░░ on earnings and predictability ░░░░░░░░ that s certainly not ░░░░░░░░ of the sport All ░░░░░░░░ Michael and the Fed ░░░░░░░░ is quickly approaching you ░░░░░░░░ mentioned that you thought ░░░░░░░░ a 50 basis point ░░░░░░░░ hike was back on ░░░░░░░░ table given the state ░░░░░░░░ that we ve seen ░░░░░░░░ know given that what ░░░░░░░░ you anticipating to come ░░░░░░░░ of this meeting is ░░░░░░░░ chance we could see ░░░░░░░░ more dovish tone a ░░░░░░░░ I don t think ░░░░░░░░ s a possibility of ░░░░░░░░ this town I think ░░░░░░░░ ve always joked about ░░░░░░░░ t fight the Fed ░░░░░░░░ I see lots of ░░░░░░░░ trying to fight the ░░░░░░░░ thinking they re going ░░░░░░░░ they re going to ░░░░░░░░ and pause and do ░░░░░░░░ things I think that ░░░░░░░░ clear about what their ░░░░░░░░ is and the goal ░░░░░░░░ is to break inflation ░░░░░░░░ inflation is starting to ░░░░░░░░ down but still nowhere ░░░░░░░░ their target Even people ░░░░░░░░ historically been dovish are ░░░░░░░░ repeat on the share ░░░░░░░░ of governor brainard has ░░░░░░░░ been more hawkish side ░░░░░░░░ I don t know ░░░░░░░░ you see 50 I ░░░░░░░░ we re anticipating 75 ░░░░░░░░ points and raises and ░░░░░░░░ cycle it might be ░░░░░░░░ to 25 It could ░░░░░░░░ be a 50 I ░░░░░░░░ that would be I ░░░░░░░░ probably at 25 case ░░░░░░░░ this point but I ░░░░░░░░ you know listen to ░░░░░░░░ the Fed said I ░░░░░░░░ looking at you know ░░░░░░░░ Powell spent a lot ░░░░░░░░ time in the private ░░░░░░░░ specifically in and private ░░░░░░░░ he is aware of ░░░░░░░░ 0 interest rates can ░░░░░░░░ to economy and pushing ░░░░░░░░ lot more risk and ░░░░░░░░ think he we need ░░░░░░░░ get inflation under control ░░░░░░░░ so I would anticipate ░░░░░░░░ stay The course to ░░░░░░░░ for a while and ░░░░░░░░ re anticipating a GDP ░░░░░░░░ in this 1st quarter ░░░░░░░░ I think the April ░░░░░░░░ are going to be ░░░░░░░░ because I think the ░░░░░░░░ numbers are going to ░░░░░░░░ show that had we ░░░░░░░░ now actually heading into ░░░░░░░░ recession that we ve ░░░░░░░░ been predicting for a ░░░░░░░░ All right Michael Landsberg ░░░░░░░░ investment officer of lindbergh ░░░░░░░░ private wealth management thanks ░░░░░░░░ much for your time ░░░░░░░░ morning bigger toss it ░░░░░░░░ to you all right ░░░░░░░░ stuff Lori thank you ░░░░░░░░ gears everyone the world ░░░░░░░░ first car karaoke system ░░░░░░░░ right to hit the ░░░░░░░░ road.