RUSH TRANSCRIPT Welcome back ░░░░░░░░ training three 16 are ░░░░░░░░ stocks under pressure and ░░░░░░░░ again the latest pc ░░░░░░░░ comes out chosen place ░░░░░░░░ raising rising slightly and ░░░░░░░░ just stubbornly hire People ░░░░░░░░ waiting for inflation to ░░░░░░░░ down and it s ░░░░░░░░ coming down decent place ░░░░░░░░ happening as quickly as ░░░░░░░░ It help that being ░░░░░░░░ let s talk to ░░░░░░░░ panelists see what they ░░░░░░░░ think about this one ░░░░░░░░ the fat do next ░░░░░░░░ Healy president chief investment ░░░░░░░░ and caliber financial partners ░░░░░░░░ williams principal managing director ░░░░░░░░ research at saint advisory ░░░░░░░░ you for being read ░░░░░░░░ rob I ll start ░░░░░░░░ you to what was ░░░░░░░░ interpretation today with there ░░░░░░░░ within The report I ░░░░░░░░ and income spend amie ░░░░░░░░ are sort of doing ░░░░░░░░ going on There was ░░░░░░░░ terrible and and therefore ░░░░░░░░ What did you think ░░░░░░░░ it No I think ░░░░░░░░ was largely in line ░░░░░░░░ slightly hotter and I ░░░░░░░░ a lot of people ░░░░░░░░ were prepared could some ░░░░░░░░ the feeder numbers that ░░░░░░░░ saw on c p ░░░░░░░░ and some other readings ░░░░░░░░ telling us that it ░░░░░░░░ perhaps come in slightly ░░░░░░░░ I think the reaction ░░░░░░░░ more than tell my ░░░░░░░░ equity markets week The ░░░░░░░░ markets rallied so I ░░░░░░░░ if people were overly ░░░░░░░░ you d see a ░░░░░░░░ reaction in the bond ░░░░░░░░ Right Now Eels down ░░░░░░░░ me that they re ░░░░░░░░ looking more at the ░░░░░░░░ data right the service ░░░░░░░░ spending data with weaker ░░░░░░░░ will eventually hopefully feed ░░░░░░░░ back into service sector ░░░░░░░░ Yeah inflation shows that ░░░░░░░░ stalling it s gonna ░░░░░░░░ it s gonna be ░░░░░░░░ harder ride down but ░░░░░░░░ think the bond markets ░░░░░░░░ you right now or ░░░░░░░░ actually little more worried ░░░░░░░░ growth markets or a ░░░░░░░░ off tone They re ░░░░░░░░ think it about terrorists ░░░░░░░░ re certainly worried about ░░░░░░░░ inflation but they appear ░░░░░░░░ concerned about economic growth ░░░░░░░░ the reaction today Yeah ░░░░░░░░ what are your thoughts ░░░░░░░░ sela that sentiment The ░░░░░░░░ came in a little ░░░░░░░░ hotter than expectations not ░░░░░░░░ blow out number by ░░░░░░░░ sienna of a very ░░░░░░░░ reaction by the market ░░░░░░░░ kind of the last ░░░░░░░░ that we need it ░░░░░░░░ given the looming tariffs ░░░░░░░░ some of the uncertainty ░░░░░░░░ re Seeing the Fed ░░░░░░░░ to let interviews last ░░░░░░░░ weeks talk about uncertainty ░░░░░░░░ I think they re ░░░░░░░░ to be less likely ░░░░░░░░ react or or move ░░░░░░░░ rates until we get ░░░░░░░░ some those tariff at ░░░░░░░░ said you re seeing ░░░░░░░░ reflect in the data ░░░░░░░░ one other thing that ░░░░░░░░ out earlier today was ░░░░░░░░ a deterioration and consumer ░░░░░░░░ in you know that ░░░░░░░░ something that s gone ░░░░░░░░ yeah Give people pause ░░░░░░░░ spending I think some ░░░░░░░░ around the job market ░░░░░░░░ we get later into ░░░░░░░░ year that maybe the ░░░░░░░░ that moves the Fed ░░░░░░░░ right now I think ░░░░░░░░ the terrorists that are ░░░░░░░░ next Week and some ░░░░░░░░ the rhetoric out of ░░░░░░░░ administration is gonna keep ░░░░░░░░ of those headwinds a ░░░░░░░░ for a while and ░░░░░░░░ the faith really moon ░░░░░░░░ hearing about Europe working ░░░░░░░░ President Trump at navy ░░░░░░░░ of those terrorists that ░░░░░░░░ down here there s ░░░░░░░░ lotta talk about whether ░░░░░░░░ not these were in ░░░░░░░░ tactics Now he did ░░░░░░░░ didn t really want ░░░░░░░░ exception so let s ░░░░░░░░ what happens I mean ░░░░░░░░ think the market definitely ░░░░░░░░ my parents house as ░░░░░░░░ need clarity how much ░░░░░░░░ can handle the news ░░░░░░░░ give it to I ░░░░░░░░ an hour viruses this ░░░░░░░░ and this sentiment data ░░░░░░░░ data that you know ░░░░░░░░ question is the weakness ░░░░░░░░ could be a roommate ░░░░░░░░ Are you worried about ░░░░░░░░ weakness that could be ░░░░░░░░ Is that folks that ░░░░░░░░ mention recession They don ░░░░░░░░ really think it s ░░░░░░░░ coming Correct I think ░░░░░░░░ re worried about it ░░░░░░░░ went from worrying about ░░░░░░░░ being so strong that ░░░░░░░░ we going to push ░░░░░░░░ back up to now ░░░░░░░░ re worried about growth ░░░░░░░░ we re worried more ░░░░░░░░ inflation but I actually ░░░░░░░░ the growth slowdown story ░░░░░░░░ a more clear picture ░░░░░░░░ the inflation story Right ░░░░░░░░ inflation the sticky side ░░░░░░░░ was it service sector ░░░░░░░░ is starting to feel ░░░░░░░░ pain like you said ░░░░░░░░ soft data will find ░░░░░░░░ s way through into ░░░░░░░░ into spending and like ░░░░░░░░ like you also that ░░░░░░░░ don t know exactly ░░░░░░░░ going to land on ░░░░░░░░ On the grow side ░░░░░░░░ see more pain coming ░░░░░░░░ that s also from ░░░░░░░░ administration The other goal ░░░░░░░░ is lay offs less ░░░░░░░░ spending Less government jobs ░░░░░░░░ over the last two ░░░░░░░░ Government the government sector ░░░░░░░░ for about a third ░░░░░░░░ the job growth and ░░░░░░░░ you roll in some ░░░░░░░░ the health care social ░░░░░░░░ jobs that number jumped ░░░░░░░░ seventy percent and we ░░░░░░░░ that s going the ░░░░░░░░ way So we think ░░░░░░░░ s more pain to ░░░░░░░░ in the job market ░░░░░░░░ doesn t mean reflect ░░░░░░░░ of these numbers yet ░░░░░░░░ we think we think ░░░░░░░░ will become more worried ░░░░░░░░ growth Inflation will hang ░░░░░░░░ is a worry but ░░░░░░░░ gross slow down seems ░░░░░░░░ clear to us The ░░░░░░░░ have a day at ░░░░░░░░ know whether it s ░░░░░░░░ whether it s stock ░░░░░░░░ what kind of moves ░░░░░░░░ expecting hair Patrick quickly ░░░░░░░░ don t expect the ░░░░░░░░ to do anything until ░░░░░░░░ have a clearer picture ░░░░░░░░ tariffs and I do ░░░░░░░░ that some of the ░░░░░░░░ dislocation location in the ░░░░░░░░ the public sector with ░░░░░░░░ jobs is going to ░░░░░░░░ on labor data and ░░░░░░░░ in the year But ░░░░░░░░ also think of the ░░░░░░░░ sector going to start ░░░░░░░░ see Companies hold back ░░░░░░░░ spending initiatives until they ░░░░░░░░ a clearer picture Ah ░░░░░░░░ the rules the road ░░░░░░░░ with terrorists and so ░░░░░░░░ might see that reflected ░░░░░░░░ GDP data as we ░░░░░░░░ further into the year ░░░░░░░░ we do see weakness ░░░░░░░░ the labor market that ░░░░░░░░ move the