RUSH TRANSCRIPT About just ░░░░░░░░ one percent There without ░░░░░░░░ to bring in Tim ░░░░░░░░ the r a chief ░░░░░░░░ officer at half Well ░░░░░░░░ Tim thanks for joining ░░░░░░░░ this morning What are ░░░░░░░░ thoughts in the early ░░░░░░░░ of trading here after ░░░░░░░░ holiday weekend I thought ░░░░░░░░ Home Depot on port ░░░░░░░░ was reasonable You know ░░░░░░░░ had a revenue missed ░░░░░░░░ that a lot of ░░░░░░░░ was attributable to the ░░░░░░░░ decline in lumber prices ░░░░░░░░ raised their dividend 10 ░░░░░░░░ is a healthy company ░░░░░░░░ s just going to ░░░░░░░░ last year in a ░░░░░░░░ economy So our our ░░░░░░░░ t as by that ░░░░░░░░ s everyone else You ░░░░░░░░ the debate still about ░░░░░░░░ we have a hard ░░░░░░░░ a soft landing or ░░░░░░░░ landing and what the ░░░░░░░░ is going to have ░░░░░░░░ do to bring inflation ░░░░░░░░ control That s impacting ░░░░░░░░ Yeah you know I ░░░░░░░░ want to ask about ░░░░░░░░ too because we obviously ░░░░░░░░ a persistently you know ░░░░░░░░ market We have inflation ░░░░░░░░ continues to take up ░░░░░░░░ over month Based on ░░░░░░░░ CPI and ppi data ░░░░░░░░ we saw last week ░░░░░░░░ some fed officials like ░░░░░░░░ Louis fed president James ░░░░░░░░ are now warning of ░░░░░░░░ 50 basis point rate ░░░░░░░░ How likely is that ░░░░░░░░ opinion Why they could ░░░░░░░░ more likely based upon ░░░░░░░░ data everyone has been ░░░░░░░░ on commodity prices and ░░░░░░░░ chain Then yes there ░░░░░░░░ been some and there ░░░░░░░░ been improvements there But ░░░░░░░░ you look at inflation ░░░░░░░░ a common this month ░░░░░░░░ thirds of inflation is ░░░░░░░░ and benefit costs in ░░░░░░░░ big component of that ░░░░░░░░ is Medicare Medicaid Social ░░░░░░░░ We ve seen inflation ░░░░░░░░ in payments And so ░░░░░░░░ s hard to envision ░░░░░░░░ the back to where ░░░░░░░░ re going to have ░░░░░░░░ 4 to 5 inflation ░░░░░░░░ even then much less ░░░░░░░░ so the only way ░░░░░░░░ Fed is going to ░░░░░░░░ this under control is ░░░░░░░░ there is a miraculous ░░░░░░░░ in the labor support ░░░░░░░░ takes pressure off of ░░░░░░░░ costs and that means ░░░░░░░░ reform and dealing with ░░░░░░░░ real problem in labor ░░░░░░░░ And that s demographics ░░░░░░░░ are not growing the ░░░░░░░░ as fast as we ░░░░░░░░ growing the calm Absolutely ░░░░░░░░ s him Now you ░░░░░░░░ mention a soft landing ░░░░░░░░ a hard landing no ░░░░░░░░ whatsoever What are you ░░░░░░░░ How likely could we ░░░░░░░░ see a recession by ░░░░░░░░ end of the year ░░░░░░░░ Well you know if ░░░░░░░░ keep using this plane ░░░░░░░░ of these guys were ░░░░░░░░ You wonder if they ░░░░░░░░ knew how to fly ░░░░░░░░ plane because they certainly ░░░░░░░░ t know how to ░░░░░░░░ it I believe that ░░░░░░░░ the know scenario I ░░░░░░░░ the economy needs to ░░░░░░░░ used to higher interest ░░░░░░░░ should know the Fed ░░░░░░░░ s accomplished or that ░░░░░░░░ 5 treasury and the ░░░░░░░░ in treasuries that is ░░░░░░░░ 60 billion dollars for ░░░░░░░░ stimulus back into the ░░░░░░░░ of savers So maybe ░░░░░░░░ money to spend that ░░░░░░░░ didn t have to ░░░░░░░░ And so the speculators ░░░░░░░░ the ones that are ░░░░░░░░ heard by this increase ░░░░░░░░ rates the Fed will ░░░░░░░░ that because they want ░░░░░░░░ cool off Not so ░░░░░░░░ the economy probably as ░░░░░░░░ as the speculation in ░░░░░░░░ financial markets and the ░░░░░░░░ that we re going ░░░░░░░░ leave the bigger problems ░░░░░░░░ the line So I ░░░░░░░░ rates will settle in ░░░░░░░░ 5 to 5 and ░░░░░░░░ half percent rate economy ░░░░░░░░ figure out a way ░░░░░░░░ to function in this ░░░░░░░░ environment All right I ░░░░░░░░ to you know pick ░░░░░░░░ brain a little bit ░░░░░░░░ what your last comments ░░░░░░░░ well about the immigration ░░░░░░░░ you says that s ░░░░░░░░ for the tight labor ░░░░░░░░ can expand a little ░░░░░░░░ on that How would ░░░░░░░░ advise you know leaders ░░░░░░░░ navigate this area to ░░░░░░░░ kind of what we ░░░░░░░░ seen in the labor ░░░░░░░░ so far Well the ░░░░░░░░ Party associates immigration reform ░░░░░░░░ the problems at the ░░░░░░░░ border And that is ░░░░░░░░ problem That is one ░░░░░░░░ many props But the ░░░░░░░░ that if you re ░░░░░░░░ citizen you can t ░░░░░░░░ a green card because ░░░░░░░░ the United States and ░░░░░░░░ That s an even ░░░░░░░░ problem And we re ░░░░░░░░ some of the best ░░░░░░░░ brightest people in the ░░░░░░░░ and then they have ░░░░░░░░ leave the country at ░░░░░░░░ same time that you ░░░░░░░░ got 200 billion dollars ░░░░░░░░ of investment in chip ░░░░░░░░ plants all over the ░░░░░░░░ You know Ohio specifically ░░░░░░░░ plant that they they ░░░░░░░░ ground on 7800 construction ░░░░░░░░ and then afterwards they ░░░░░░░░ got to staff it ░░░░░░░░ a really high quality ░░░░░░░░ force where those people ░░░░░░░░ from That s the ░░░░░░░░ s the problem It ░░░░░░░░ like building a dozen ░░░░░░░░ hospitals and not having ░░░░░░░░ doctors the nurses the ░░░░░░░░ care professionals to operate ░░░░░░░░ right To me Thank ░░░░░░░░ so much I m ░░░░░░░░ we are going to ░░░░░░░░ to leave it there ░░░░░░░░ I really appreciate your ░░░░░░░░ Your insight this morning ░░░░░░░░ same time we are ░░░░░░░░ chief investment officer at ░░░░░░░░ Well thanks much for ░░░░░░░░ us again to go ░░░░░░░░ to you All right ░░░░░░░░ you so much Good ░░░░░░░░ for you In the ░░░░░░░░ to buy a new ░░░░░░░░ while home prices are ░░░░░░░░ climbing in some places ░░░░░░░░ the country more data ░░░░░░░░ showing that more houses ░░░░░░░░ be on the market ░░░░░░░░ at this Despite the ░░░░░░░░ market still seeing soaring ░░░░░░░░ across the country some ░░░░░░░░ are actually seen double ░░░░░░░░ price drops from their ░░░░░░░░ last year We will ░░░░░░░░ house prices continue to ░░░░░░░░ reports.