RUSH TRANSCRIPT And bj ░░░░░░░░ also reporting How is ░░░░░░░░ consumer holding up and ░░░░░░░░ do they where do ░░░░░░░░ that they go when ░░░░░░░░ is still here Straight ░░░░░░░░ the floor show chief ░░░░░░░░ officer skyler and fit ░░░░░░░░ group president Keith Fitz ░░░░░░░░ joining us now Gentlemen ░░░░░░░░ you Keith all this ░░░░░░░░ about a rate cut ░░░░░░░░ s a 70 chance ░░░░░░░░ that the first cut ░░░░░░░░ in the month of ░░░░░░░░ You buy that I ░░░░░░░░ that s aggressive but ░░░░░░░░ know what I ll ░░░░░░░░ it That s like ░░░░░░░░ to the casino only ░░░░░░░░ time you re betting ░░░░░░░░ the race after it ░░░░░░░░ occurred Lauren I wonder ░░░░░░░░ much it matters skyler ░░░░░░░░ I say this because ░░░░░░░░ c everything o of ░░░░░░░░ said to bloomberg He ░░░░░░░░ quote people or who ░░░░░░░░ mt Middle to higher ░░░░░░░░ are now getting a ░░░░░░░░ benefit from high interest ░░░░░░░░ And those are the ░░░░░░░░ that spend on services ░░░░░░░░ in they have disposable ░░░░░░░░ and that income is ░░░░░░░░ services So he says ░░░░░░░░ a rate cut would ░░░░░░░░ inflation Do you buy ░░░░░░░░ No That a made ░░░░░░░░ sent to me If ░░░░░░░░ folks are saving currently ░░░░░░░░ are in high interest ░░░░░░░░ cds bank accounts money ░░░░░░░░ funds If you raise ░░░░░░░░ it s going to ░░░░░░░░ them to save more ░░░░░░░░ if you lower rates ░░░░░░░░ s going to encourage ░░░░░░░░ to spend more That ░░░░░░░░ the reason that s ░░░░░░░░ that interest rate marker ░░░░░░░░ there is to push ░░░░░░░░ to save or push ░░░░░░░░ to spend Lauren yeah ░░░░░░░░ know Walmart was the ░░░░░░░░ of this week with ░░░░░░░░ earning report was just ░░░░░░░░ They re attracting because ░░░░░░░░ their low prices the ░░░░░░░░ income consumer but also ░░░░░░░░ higher income folks too ░░░░░░░░ we hear from the ░░░░░░░░ week target we ve ░░░░░░░░ tjx bj s Do ░░░░░░░░ think they will do ░░░░░░░░ or do you think ░░░░░░░░ will be a new ░░░░░░░░ of troubles that we ░░░░░░░░ see as the consumer ░░░░░░░░ still battling high prices ░░░░░░░░ know honestly lauren that ░░░░░░░░ a really tough call ░░░░░░░░ s a sharp question ░░░░░░░░ even within the retail ░░░░░░░░ not all of these ░░░░░░░░ are the same Walmart ░░░░░░░░ has a very different ░░░░░░░░ profile a very different ░░░░░░░░ approach a very different ░░░░░░░░ demographic I think we ░░░░░░░░ seen the information we ░░░░░░░░ to see out of ░░░░░░░░ The question is what ░░░░░░░░ are are in the ░░░░░░░░ E when the rest ░░░░░░░░ the retail environment shows ░░░░░░░░ Lauren same question to ░░░░░░░░ or skyler Is the ░░░░░░░░ holding up or does ░░░░░░░░ depend on which retailer ░░░░░░░░ which company you re ░░░░░░░░ at Broadly are speaking ░░░░░░░░ consumer s doing great ░░░░░░░░ okay We have 40 ░░░░░░░░ in wealth creation since ░░░░░░░░ But most of that ░░░░░░░░ creation s coming from ░░░░░░░░ stock market and U ░░░░░░░░ real estate About 20 ░░░░░░░░ apiece So broadly speaking ░░░░░░░░ re in a really ░░░░░░░░ good spot But it ░░░░░░░░ very Wisconsin fur candidated ░░░░░░░░ So the wealthy folks ░░░░░░░░ are in a home ░░░░░░░░ are invested in the ░░░░░░░░ market they are flush ░░░░░░░░ cash you know They ░░░░░░░░ flying first class versus ░░░░░░░░ But those folks that ░░░░░░░░ t invested in the ░░░░░░░░ market and may not ░░░░░░░░ be homeowners or are ░░░░░░░░ they re not doing ░░░░░░░░ great renters Inflation is ░░░░░░░░ sting thing their a ░░░░░░░░ Lauren yeah When you ░░░░░░░░ at a it keith ░░░░░░░░ know most people are ░░░░░░░░ sour on the economy ░░░░░░░░ the process prospect for ░░░░░░░░ economy Yet we re ░░░░░░░░ about dow 40 000 ░░░░░░░░ hit it Can we ░░░░░░░░ there It s entirely ░░░░░░░░ How do you you ░░░░░░░░ circle the square Oh ░░░░░░░░ you know again this ░░░░░░░░ something we do every ░░░░░░░░ day You want to ░░░░░░░░ on the companies that ░░░░░░░░ going to be there ░░░░░░░░ companies hard capable of ░░░░░░░░ us into the future ░░░░░░░░ s rushing towards us ░░░░░░░░ stuff that s in ░░░░░░░░ rearview mirror So that ░░░░░░░░ a change in thinking ░░░░░░░░ involves taking a deep ░░░░░░░░ not trying to guess ░░░░░░░░ unguess So to me ░░░░░░░░ is still where you ░░░░░░░░ to be You want ░░░░░░░░ look at how that ░░░░░░░░ going to trickle into ░░░░░░░░ areas of our economy ░░░░░░░░ is the consistent with ░░░░░░░░ great transitions in human ░░░░░░░░ electricity steam penicillin Anytime ░░░░░░░░ ve seen this flush ░░░░░░░░ in humanity we ve ░░░░░░░░ the economy shift as ░░░░░░░░ I think we re ░░░░░░░░ living through that right ░░░░░░░░ which is why so ░░░░░░░░ people are struggling with ░░░░░░░░ Lauren yeah And I ░░░░░░░░ be remiss skyler if ░░░░░░░░ didn t want get ░░░░░░░░ the meme stock mania ░░░░░░░░ m prepared to say ░░░░░░░░ s over It came ░░░░░░░░ again for the first ░░░░░░░░ in three years on ░░░░░░░░ and Tuesday You had ░░░░░░░░ huge gains And then ░░░░░░░░ s fizzled since If ░░░░░░░░ look at gamestop just ░░░░░░░░ give you per peck ░░░░░░░░ bion the volatility one ░░░░░░░░ ago shares were 17 ░░░░░░░░ few day ago they ░░░░░░░░ a high of nearly ░░░░░░░░ and now they re ░░░░░░░░ 20 Skyler is it ░░░░░░░░ news that this meme ░░░░░░░░ has died down Is ░░░░░░░░ more rational for investors ░░░░░░░░ go ahead I think ░░░░░░░░ s good news generally ░░░░░░░░ focus can focus again ░░░░░░░░ fundamentals and value so ░░░░░░░░ speak but I don ░░░░░░░░ think it s bad ░░░░░░░░ that there s liquidity ░░░░░░░░ there s zero day ░░░░░░░░ that you can trade ░░░░░░░░ any second of the ░░░░░░░░ And I m not ░░░░░░░░ if it s good ░░░░░░░░ bad really if we ░░░░░░░░ towards that but that ░░░░░░░░ really what the market ░░░░░░░░ sewing is is that ░░░░░░░░ is still a lot ░░░░░░░░ money to be spent ░░░░░░░░ it s from home ░░░░░░░░ whether it s consumer ░░░░░░░░ sheet or corporate balance ░░░░░░░░ that there is 6 ░░░░░░░░ sitting on the sidelines ░░░░░░░░ money markets So that ░░░░░░░░ trillion that might move ░░░░░░░░ that might move a ░░░░░░░░ the or amc you ░░░░░░░░ I think that keeps ░░░░░░░░ short sellers kind of ░░░░░░░░ the closet and I ░░░░░░░░ the it points to ░░░░░░░░ ifs really looking at ░░░░░░░░ look we re going ░░░░░░░░ be pretty good for ░░░░░░░░ next couple years The ░░░░░░░░ s great Folks have ░░░░░░░░ to spend generally and ░░░░░░░░ I think you can ░░░░░░░░ long and look for ░░░░░░░░ stock gain for the ░░░░░░░░ couple years Lauren yeah ░░░░░░░░ it s just exciting ░░░░░░░░