RUSH TRANSCRIPT For that ░░░░░░░░ s get some insights ░░░░░░░░ new shape in the ░░░░░░░░ We welcome and Jeffrey ░░░░░░░░ principal chief economist at ░░░░░░░░ riga thank you for ░░░░░░░░ here So the pc ░░░░░░░░ in stocks move higher ░░░░░░░░ pretty much in line ░░░░░░░░ it still looks like ░░░░░░░░ are on pace for ░░░░░░░░ cut this year based ░░░░░░░░ the futures of the ░░░░░░░░ that we use What ░░░░░░░░ you is that is ░░░░░░░░ seem right or now ░░░░░░░░ ll probably see more ░░░░░░░░ do not take the ░░░░░░░░ of the inflation data ░░░░░░░░ great for January keep ░░░░░░░░ mind everyone January for ░░░░░░░░ last few years Last ░░░░░░░░ or three years the ░░░░░░░░ core pc E readings ░░░░░░░░ been very hot So ░░░░░░░░ year for example months ░░░░░░░░ month change for January ░░░░░░░░ a point five percent ░░░░░░░░ very hot Today The ░░░░░░░░ that we got four ░░░░░░░░ was point two eight ░░░░░░░░ you on round it ░░░░░░░░ just under point three ░░░░░░░░ is much better and ░░░░░░░░ expect inflation to cool ░░░░░░░░ the year progresses in ░░░░░░░░ battle open the door ░░░░░░░░ more than two cuts ░░░░░░░░ take yeah and look ░░░░░░░░ mean really when you ░░░░░░░░ about the numbers here ░░░░░░░░ Not so hot either ░░░░░░░░ saw last year to ░░░░░░░░ what about three percent ░░░░░░░░ the last reading was ░░░░░░░░ two percent and now ░░░░░░░░ s my understanding in ░░░░░░░░ first quarter we re ░░░░░░░░ and one percent something ░░░░░░░░ did you get that ░░░░░░░░ the first month of ░░░░░░░░ year so we got ░░░░░░░░ this morning for January ░░░░░░░░ terms of consumption It ░░░░░░░░ a bit disappointing so ░░░░░░░░ give you You if ░░░░░░░░ sort of trend continues ░░░░░░░░ to one it s ░░░░░░░░ possible that you ll ░░░░░░░░ sub two percent quarter ░░░░░░░░ quarter annualized four to ░░░░░░░░ You know it s ░░░░░░░░ bit early in the ░░░░░░░░ to make that conclusion ░░░░░░░░ quarter but will have ░░░░░░░░ see but I think ░░░░░░░░ s possible that will ░░░░░░░░ also get the feds ░░░░░░░░ of sub two percent ░░░░░░░░ readied so that coupled ░░░░░░░░ inflation continuing to moderate ░░░░░░░░ think that s why ░░░░░░░░ know the argument is ░░░░░░░░ for more than two ░░░░░░░░ this year So goal ░░░░░░░░ and adding this wasn ░░░░░░░░ like the head of ░░░░░░░░ conversation that I had ░░░░░░░░ much about goals yesterday ░░░░░░░░ many people were talking ░░░░░░░░ gold and the paper ░░░░░░░░ the trade on paper ░░░░░░░░ how now more and ░░░░░░░░ countries are buying gold ░░░░░░░░ their the bars of ░░░░░░░░ and there may not ░░░░░░░░ enough bars of gold ░░░░░░░░ now the waiting time ░░░░░░░░ actually get the gold ░░░░░░░░ longer have heard anything ░░░░░░░░ this because I can ░░░░░░░░ explain why gold which ░░░░░░░░ be a safe haven ░░░░░░░░ like look at what ░░░░░░░░ happening with treasury s ░░░░░░░░ rightward under four three ░░░░░░░░ That s a safe ░░░░░░░░ treat people ran to ░░░░░░░░ s the other safe ░░░░░░░░ Trade would be gold ░░░░░░░░ gold This week is ░░░░░░░░ of three percent It ░░░░░░░░ worth First week of ░░░░░░░░ year what do you ░░░░░░░░ that that gets interesting ░░░░░░░░ I mean I think ░░░░░░░░ are better ways to ░░░░░░░░ value that gold so ░░░░░░░░ Nicole if you re ░░░░░░░░ a gold is probably ░░░░░░░░ you maybe don t ░░░░░░░░ the government to manage ░░░░░░░░ you re worried about ░░░░░░░░ the purchasing power of ░░░░░░░░ money So you want ░░░░░░░░ hold something outside the ░░░░░░░░ financial system So that ░░░░░░░░ why a lot of ░░░░░░░░ are attracted to gold ░░░░░░░░ problem gold is you ░░░░░░░░ somewhere to put it ░░░░░░░░ you have a lot ░░░░░░░░ gold the coal you ░░░░░░░░ have people maybe an ░░░░░░░░ guard to keep an ░░░░░░░░ on it So I ░░░░░░░░ things like Bitcoin are ░░░░░░░░ superior to golden on ░░░░░░░░ front So I I ░░░░░░░░ t be this earlier ░░░░░░░░ of gold I would ░░░░░░░░ would look to some ░░░░░░░░ newer alternative so that ░░░░░░░░ be my take on ░░░░░░░░ I m going to ░░░░░░░░ to my armed guard ░░░░░░░░ won t be an ░░░░░░░░ really think Bitcoin Bitcoin ░░░░░░░░ I ll sort of ░░░░░░░░ traditional system It is ░░░░░░░░ could store it very ░░░░░░░░ People probably wouldn t ░░░░░░░░ know that you had ░░░░░░░░ sit There could put ░░░░░░░░ in a hardware device ░░░░░░░░ in a paper wallet ░░░░░░░░ it s self custody ░░░░░░░░ know it s divisible ░░░░░░░░ could you could send ░░░░░░░░ anywhere worldwide within minutes ░░░░░░░░ I think try to ░░░░░░░░ that with your gold ░░░░░░░░ kick your gold out ░░░░░░░░ storage You have to ░░░░░░░░ to it Up and ░░░░░░░░ for so you re ░░░░░░░░ going to be able ░░░░░░░░ do it I barely ░░░░░░░░ get your bicycle at ░░░░░░░░ storage dating thousand and ░░░░░░░░ Bitcoin is today by ░░░░░░░░ Bitcoin How would you ░░░░░░░░ Bitcoin Would you be ░░░░░░░░ at those two yaps ░░░░░░░░ stocks that have exposure ░░░░░░░░ Bitcoin How do you ░░░░░░░░ that I think you ░░░░░░░░ try to buy some ░░░░░░░░ your own in itself ░░░░░░░░ if you don t ░░░░░░░░ that I mean there ░░░░░░░░ some there s some ░░░░░░░░ exchanges out there a ░░░░░░░░ services world services that ░░░░░░░░ could I I don ░░░░░░░░ want to give an ░░░░░░░░ any particular one but ░░░░░░░░ do think it s ░░░░░░░░ good opportunity were down ░░░░░░░░ percent from the high ░░░░░░░░ if you if you ░░░░░░░░ thinking about it It ░░░░░░░░ it s it s ░░░░░░░░ sale now relative Do ░░░░░░░░ know a few weeks ░░░░░░░░ Okay why wanna hear ░░░░░░░░ more what you advise ░░░░░░░░ folks I mean as ░░░░░░░░ economist do you feel ░░░░░░░░ it s going to ░░░░░░░░ a pretty good year ░░░░░░░░ all Are we worried ░░░░░░░░ mean Should people be ░░░░░░░░ in equities this year ░░░░░░░░ tends to happen for ░░░░░░░░ lot of our clients ░░░░░░░░ investors is they get ░░░░░░░░ absorbing whatever the news ░░░░░░░░ the week is know ░░░░░░░░ and right now that ░░░░░░░░ around Washington and you ░░░░░░░░ somebody concerns about budget ░░░░░░░░ us federal lay offs ░░░░░░░░ things of this nature ░░░░░░░░ that has people really ░░░░░░░░ I think about gross ░░░░░░░░ mention on that prior ░░░░░░░░ That stocks were down ░░░░░░░░ I think that s ░░░░░░░░ s Why mean people ░░░░░░░░ starting to get concerned ░░░░░░░░ growth so you saw ░░░░░░░░ selling off I mean ░░░░░░░░ more upbeat I think ░░░░░░░░ the growth situation We ░░░░░░░░ the economy will continue ░░░░░░░░ grow This year maybe ░░░░░░░░ as much as last ░░░░░░░░ but we still think ░░░░░░░░ ll get around two ░░░░░░░░ growth and then people ░░░░░░░░ missing that inflation we ░░░░░░░░ continue to cool which ░░░░░░░░ great news We had ░░░░░░░░ really rough ride with ░░░░░░░░ it was a problem ░░░░░░░░ we think inflation will ░░░░░░░░ Nicole we ll get ░░░░░░░░ two percent encore pc ░░░░░░░░ probably in q Three ░░░░░░░░ that s going to ░░░░░░░░ great news for for ░░░░░░░░ I think for central ░░░░░░░░ and for markets as ░░░░░░░░ I m writing that ░░░░░░░░ So here are up ░░░░░░░░ your ear as an ░░░░░░░░ Europe terriers and all ░░░░░░░░ prints that we think ░░░░░░░░ any happier My services ░░░░░░░░ out Housing has shown ░░░░░░░░ and inflation seems to ░░░░░░░░ distant relations not having ░░░░░░░░ quickly as they had ░░░░░░░░ but it s happening ░░░░░░░░ stands out to you ░░░░░░░░ I guess I mean ░░░░░░░░ we re any of ░░░░░░░░ sort of sock in ░░░░░░░░ moments that you said ░░░░░░░░ my goodness and what ░░░░░░░░ you waiting for next ░░░░░░░░ because February done and ░░░░░░░░ want to know what ░░░░░░░░ need to look for ░░░░░░░░ our in March Well ░░░░░░░░ think I still think ░░░░░░░░ pc on a 11 ░░░░░░░░ Tralee basis is now ░░░░░░░░ point six As of ░░░░░░░░ morning s numbers We ░░░░░░░░ it could dip below ░░░░░░░░ and a half sometime ░░░░░░░░ the spring We could ░░░░░░░░ down to two percent ░░░░░░░░ the summer maybe in ░░░░░░░░ ley three So for ░░░░░░░░ that is the most ░░░░░░░░ thing is week get ░░░░░░░░ continuing to moderate and ░░░░░░░░ and a 11 month ░░░░░░░░ number is the key ░░░░░░░░ that the Federal Reserve ░░░░░░░░ shift back to being ░░░░░░░░ bit more dovish They ░░░░░░░░ resume rate cuts middle ░░░░░░░░ the year and I ░░░░░░░░ this is a great ░░░░░░░░ for bombs It s ░░░░░░░░ it s also probably ░░░░░░░░ great environment for stocks ░░░░░░░░ people looking at stuff ░░░░░░░░ today are a little ░░░░░░░░ worried but you have ░░░░░░░░ think out into the ░░░░░░░░ where inflation s going ░░░░░░░░ be and what the ░░░░░░░░ might be doing Then ░░░░░░░░ think now that just ░░░░░░░░ you sat two cats ░░░░░░░░ more I mean are ░░░░░░░░ thinking June and October ░░░░░░░░ think they could go ░░░░░░░░ September December Maybe we ░░░░░░░░ another cut and 20 ░░░░░░░░ six I think that ░░░░░░░░ are really Listen that ░░░░░░░░ is cooling there are ░░░░░░░░ downside risk to growth ░░░░░░░░ so they re going ░░░░░░░░ want to get back ░░░░░░░░ the Fed is going ░░░░░░░░ get back in the ░░░░░░░░ game at some point ░░░░░░░░ that s the story ░░░░░░░░ and will stick to ░░░░░░░░ at least for now ░░░░░░░░ Jeffrey grassland paid in ░░░░░░░░ I think I m ░░░░░░░░ going to see a ░░░░░░░░ as well Thank you ░░░░░░░░ more to come here ░░░░░░░░ training Pretty sexy anthrax ░░░░░░░░ three sacks eight hour ░░░░░░░░ train wreck to cat ░░░░░░░░ that technicals Don t ░░░░░░░░ that to