RUSH TRANSCRIPT New York ░░░░░░░░ Exchange of this morning ░░░░░░░░ Brian tadic be io ░░░░░░░░ j advisors O brien ░░░░░░░░ so much for joining ░░░░░░░░ and happy day Happy ░░░░░░░░ Want to start out ░░░░░░░░ is what are your ░░░░░░░░ as we headed to ░░░░░░░░ rate announcement Andy press ░░░░░░░░ this afternoon Definitely well ░░░░░░░░ think the mark is ░░░░░░░░ half a percent or ░░░░░░░░ basis points cause but ░░░░░░░░ think the feds going ░░░░░░░░ disappoint probably deliver on ░░░░░░░░ quarter basis Point cut ░░░░░░░░ telegraphed his comments coming ░░░░░░░░ the Jackson hole think ░░░░░░░░ don t want to ░░░░░░░░ a deliberate path plus ░░░░░░░░ ve seen retail sales ░░░░░░░░ beat expectations housing data ░░░░░░░░ morning but they are ░░░░░░░░ to what s going ░░░░░░░░ in the economy and ░░░░░░░░ So I think what ░░░░░░░░ really more important is ░░░░░░░░ to focus so much ░░░░░░░░ today but let s ░░░░░░░░ on the outlook for ░░░░░░░░ cuts for the bounds ░░░░░░░░ this year into next ░░░░░░░░ and that I think ░░░░░░░░ the real going to ░░░░░░░░ the determining of of ░░░░░░░░ management within the and ░░░░░░░░ both in stocks and ░░░░░░░░ And here we are ░░░░░░░░ 20 20 four expectations ░░░░░░░░ the Federal Reserve This ░░░░░░░░ the first expected rate ░░░░░░░░ that we can expect ░░░░░░░░ the research as you ░░░░░░░░ it s about the ░░░░░░░░ as the net that ░░░░░░░░ Federal Reserve will continue ░░░░░░░░ lower interest rates than ░░░░░░░░ course the next meeting ░░░░░░░░ this is after the ░░░░░░░░ presidential election So there ░░░░░░░░ lot of Right now ░░░░░░░░ I mean we re ░░░░░░░░ very constructive on the ░░░░░░░░ primarily due to earnings ░░░░░░░░ earnings growth is still ░░░░░░░░ to grow over 10 ░░░░░░░░ year over year and ░░░░░░░░ hours for next year ░░░░░░░░ also pretty robust and ░░░░░░░░ s because we re ░░░░░░░░ growth and earnings coming ░░░░░░░░ outside of tech And ░░░░░░░░ is something that we ░░░░░░░░ t seen since last ░░░░░░░░ and we know the ░░░░░░░░ half was dominated by ░░░░░░░░ But if you look ░░░░░░░░ those outlooks tax contributions ░░░░░░░░ earnings are declining Why ░░░░░░░░ re seeing earnings growth ░░░░░░░░ other areas of the ░░░░░░░░ and and the value ░░░░░░░░ know Trade I think ░░░░░░░░ we seen as a ░░░░░░░░ since June But the ░░░░░░░░ thing I ll mention ░░░░░░░░ that the out outlook ░░░░░░░░ rate cuts are reasonable ░░░░░░░░ with whom wine market ░░░░░░░░ and you can see ░░░░░░░░ other areas of the ░░░░░░░░ rally which also will ░░░░░░░░ to support valuations And ░░░░░░░░ s what I m ░░░░░░░░ about mid cap stocks ░░░░░░░░ cap stocks and some ░░░░░░░░ sick local areas of ░░░░░░░░ economy that are sensitive ░░░░░░░░ interest rates But I ░░░░░░░░ of the ended The ░░░░░░░░ fed understands that the ░░░░░░░░ market is slowing and ░░░░░░░░ that we do We ░░░░░░░░ seen a lot of ░░░░░░░░ and small to medium ░░░░░░░░ or that s Why ░░░░░░░░ outlook for rica A ░░░░░░░░ super important because one ░░░░░░░░ argue they might even ░░░░░░░░ behind the curve right ░░░░░░░░ Point because when we ░░░░░░░░ at mega cab growth ░░░░░░░░ value and large cat ░░░░░░░░ and value we always ░░░░░░░░ than a significant gains ░░░░░░░░ this year and that ░░░░░░░░ interesting before the market ░░░░░░░░ we saw on August ░░░░░░░░ We won t go ░░░░░░░░ the reasons behind why ░░░░░░░░ saw that but Especially ░░░░░░░░ small cap stocks but ░░░░░░░░ we head into the ░░░░░░░░ of this year regardless ░░░░░░░░ who ends up in ░░░░░░░░ White House what can ░░░░░░░░ expect heading into the ░░░░░░░░ year Why think next ░░░░░░░░ Again because all comes ░░░░░░░░ to a combination of ░░░░░░░░ growth coupled with support ░░░░░░░░ easy Support the economic ░░░░░░░░ potential because right now ░░░░░░░░ re just getting back ░░░░░░░░ a slowing growing economy ░░░░░░░░ is really where we ░░░░░░░░ pre pandemic So we ░░░░░░░░ talking about two percent ░░░░░░░░ growth expectations moving forward ░░░░░░░░ year and I think ░░░░░░░░ the end of the ░░░░░░░░ if you think about ░░░░░░░░ 20 two and you ░░░░░░░░ the other side of ░░░░░░░░ happened we re having ░░░░░░░░ readjustment of policy right ░░░░░░░░ the markets reacted to ░░░░░░░░ measures to combat inflation ░░░░░░░░ now we re just ░░░░░░░░ those policies moving forward ░░░░░░░░ if you can have ░░░░░░░░ year and 20 20 ░░░░░░░░ were stocks and bonds ░░░░░░░░ both negative together year ░░░░░░░░ date I think 20 ░░░░░░░░ five in the bounds ░░░░░░░░ this year could actually ░░░░░░░░ bonds and stocks both ░░░░░░░░ positive At the same ░░░░░░░░ in time A highly ░░░░░░░░ announcement and it s ░░░░░░░░ to believe but less ░░░░░░░░ fifty days until the ░░░░░░░░ though a lot to ░░░░░░░░ our eyes on Thank ░░░░░░░░ so much for joining ░░░░░░░░ and think your problem ░░░░░░░░ and say Thank you ░░░░░░░░ you.