Daybreak Asia where about ░░░░░░░░ minutes past the arrow ░░░░░░░░ we bring in our ░░░░░░░░ Nancy guy who d ░░░░░░░░ is the private wealth ░░░░░░░░ at a a prize ░░░░░░░░ She joins us from ░░░░░░░░ Connecticut nice of you ░░░░░░░░ drop by Nancy thanks ░░░░░░░░ much so we ve ░░░░░░░░ the cp I data ░░░░░░░░ didn t move the ░░░░░░░░ to too much in ░░░░░░░░ of market expectations for ░░░░░░░░ the Fed has The ░░░░░░░░ it s sleeve how ░░░░░░░░ you look at this ░░░░░░░░ landing scenario right now ░░░░░░░░ fee expectations for fed ░░░░░░░░ cuts in the new ░░░░░░░░ Yeah I think you ░░░░░░░░ it quite well there ░░░░░░░░ barely little expectation for ░░░░░░░░ and kind of lit ░░░░░░░░ to it It takes ░░░░░░░░ cake and though and ░░░░░░░░ nothing earth shattering and ░░░░░░░░ nothing changed but I ░░░░░░░░ what s remarkable Is ░░░░░░░░ type that tumultuous year ░░░░░░░░ 20 twenty three where ░░░░░░░░ had significant interest rate ░░░░░░░░ and all of the ░░░░░░░░ geopolitical conflict to the ░░░░░░░░ After formed all expectations ░░░░░░░░ we never did get ░░░░░░░░ recession that everybody was ░░░░░░░░ about on end inflation ░░░░░░░░ Gown As far as ░░░░░░░░ January 20 twenty three ░░░░░░░░ that I ve been ░░░░░░░░ percent now at three ░░░░░░░░ one and the labor ░░░░░░░░ remained fairly strong Even ░░░░░░░░ it it s cooling ░░░░░░░░ it s still by ░░░░░░░░ standards are quite low ░░░░░░░░ all of it appears ░░░░░░░░ be really good news ░░░░░░░░ I think you know ░░░░░░░░ From a high level ░░░░░░░░ data but when you ░░░░░░░░ about investor and client ░░░░░░░░ which is kind of ░░░░░░░░ job to interpret this ░░░░░░░░ to hadn t looked ░░░░░░░░ this mean to me ░░░░░░░░ reality is that although ░░░░░░░░ is down in any ░░░░░░░░ are not gonna continue ░░░░░░░░ spiral upward the fact ░░░░░░░░ that costs are still ░░░░░░░░ high You know that ░░░░░░░░ non negotiable items like ░░░░░░░░ gas electricity and heat ░░░░░░░░ significantly higher than they ░░░░░░░░ just two years ago ░░░░░░░░ I don t see ░░░░░░░░ any price it s ░░░░░░░░ downwards any time soon ░░░░░░░░ fact they may never ░░░░░░░░ down This may just ░░░░░░░░ the new normal room ░░░░░░░░ the back a little ░░░░░░░░ here because crude oil ░░░░░░░░ down about 20 five ░░░░░░░░ from this year s ░░░░░░░░ in late September Today ░░░░░░░░ broke below seventy a ░░░░░░░░ and if we can ░░░░░░░░ maybe that the market ░░░░░░░░ gonna struggle to keep ░░░░░░░░ above seventy dollars maybe ░░░░░░░░ ve got some decent ░░░░░░░░ winds here where the ░░░░░░░░ component is concerned Well ░░░░░░░░ re correct it did ░░░░░░░░ was just actually about ░░░░░░░░ mention energy that it ░░░░░░░░ know although the price ░░░░░░░░ crude oil it on ░░░░░░░░ significantly we haven t ░░░░░░░░ noticed that at the ░░░░░░░░ yet in their the ░░░░░░░░ procedure here it takes ░░░░░░░░ little bit of time ░░░░░░░░ it hit the gas ░░░░░░░░ and it hits the ░░░░░░░░ So yet that is ░░░░░░░░ to eventually happen But ░░░░░░░░ like I said you ░░░░░░░░ we re still in ░░░░░░░░ transition cage where we ░░░░░░░░ not really adjusted fully ░░░░░░░░ the new normal of ░░░░░░░░ we are now but ░░░░░░░░ think the Fed it ░░░░░░░░ the right track and ░░░░░░░░ are going to continue ░░░░░░░░ on track for the ░░░░░░░░ percent inflation by I ░░░░░░░░ believe they will continue ░░░░░░░░ So the market pretty ░░░░░░░░ agrees that the said ░░░░░░░░ at the end of ░░░░░░░░ tightening cycles Are we ░░░░░░░░ a meeting tomorrow I ░░░░░░░░ it s fair to ░░░░░░░░ that Powell will probably ░░░░░░░░ a little hawkish and ░░░░░░░░ to pour a little ░░░░░░░░ water on the notion ░░░░░░░░ policy easing is right ░░░░░░░░ the corner But let ░░░░░░░░ say for the sake ░░░░░░░░ argument that we do ░░░░░░░░ over the next twelve ░░░░░░░░ One hundred basis points ░░░░░░░░ rate cuts earlier treasury ░░░░░░░░ Treasury secretary Larry Summers ░░░░░░░░ saying that would be ░░░░░░░░ seismic event went when ░░░░░░░░ Fed announces it s ░░░░░░░░ to essentially pivot and ░░░░░░░░ would think that that ░░░░░░░░ gonna really just catalyze ░░░░░░░░ both stock and bond ░░░░░░░░ Much much higher But ░░░░░░░░ have yet to see ░░░░░░░░ and I think that ░░░░░░░░ exactly what I expect ░░░░░░░░ mister Powell He will ░░░░░░░░ very very cautious and ░░░░░░░░ remain very steady on ░░░░░░░░ gate I will will ░░░░░░░░ a what will be ░░░░░░░░ next move but personally ░░░░░░░░ don t think we ░░░░░░░░ going to see any ░░░░░░░░ cuts until towards the ░░░░░░░░ of next year Sure ░░░░░░░░ at that kind I ░░░░░░░░ it would be very ░░░░░░░░ irresponsible to do it ░░░░░░░░ soon and I think ░░░░░░░░ s a lot of ░░░░░░░░ in the market about ░░░░░░░░ and I think that ░░░░░░░░ why mister Powell of ░░░░░░░░ throw that coldwater that ░░░░░░░░ re talking about on ░░░░░░░░ hype on rate cuts ░░░░░░░░ you seeing opportunities First ░░░░░░░░ the equity space right ░░░░░░░░ I m curious Well ░░░░░░░░ s no doubt that ░░░░░░░░ percent of the the ░░░░░░░░ upside in the market ░░░░░░░░ coming from what the ░░░░░░░░ s calling the magnificent ░░░░░░░░ so the technology sector ░░░░░░░░ really taking off But ░░░░░░░░ s not for the ░░░░░░░░ at heart You know ░░░░░░░░ you really have good ░░░░░░░░ a good appetite for ░░░░░░░░ and you re in ░░░░░░░░ for the long term ░░░░░░░░ s where I think ░░░░░░░░ a very very good ░░░░░░░░ trinity ugh And you ░░░░░░░░ health care continues to ░░░░░░░░ well I think financials ░░░░░░░░ continue to do well ░░░░░░░░ I think is know ░░░░░░░░ looking ahead to 20 ░░░░░░░░ four that the the ░░░░░░░░ card are going to ░░░░░░░░ though the wars on ░░░░░░░░ fronts mean we have ░░░░░░░░ Italy we have Russia ░░░░░░░░ We have Taiwan tea ░░░░░░░░ That s certainly enough ░░░░░░░░ things to think about ░░░░░░░░ then of course we ░░░░░░░░ a presidential election The ░░░░░░░░ the market hates and ░░░░░░░░ right I ll remember ░░░░░░░░ s predictable than it ░░░░░░░░ not there s no ░░░░░░░░ anymore and settled the ░░░░░░░░ comes from the unpredictability ░░░░░░░░ know if there s ░░░░░░░░ pot a new new ░░░░░░░░ that will change all ░░░░░░░░ policies Well that just ░░░░░░░░ the whole landscape at ░░░░░░░░ market No doubt about ░░░░░░░░ in terms of Of ░░░░░░░░ off shore is there ░░░░░░░░ that you re seeing ░░░░░░░░ markets Let s say ░░░░░░░░ Asia that that s ░░░░░░░░ right now I m ░░░░░░░░ I m so we ░░░░░░░░ staying away from Asia ░░░░░░░░ I think European markets ░░░░░░░░ beginning to look very ░░░░░░░░ and mainly because you ░░░░░░░░ are is starting to ░░░░░░░░ a little overvalued after ░░░░░░░░ been oversold of course ░░░░░░░░ in like September and ░░░░░░░░ odd that looking at ░░░░░░░░ Europe evaluation now there ░░░░░░░░ look pretty attractive but ░░░░░░░░ with caution because I ░░░░░░░░ a bit of on ░░░░░░░░ instability and lot more ░░░░░░░░ in that arena especially ░░░░░░░░ the dollar remains fairly ░░░░░░░░ No doubt about that ░░░░░░░░ today the bloomberg dollar ░░░░░░░░ index may be showed ░░░░░░░░ little bit a week ░░░░░░░░ worse Essentially flat right ░░░░░░░░ Nancy good conversation thanks ░░░░░░░░ much for joining us ░░░░░░░░ dude is a private ░░░░░░░░ adviser at a marrow ░░░░░░░░ financial joining here on ░░░░░░░░ day