![]() Segment today on "america's newsroom." > our older son, for high school he just, he wasn't doing the work, so i actually had requested for him on the held back, and the response i got was that socially they were concerned about the ramifications. we'll definitely be thinking about you tomorrow at 8:30. no one has given us this approach though. there will be better entry points for investment grade credit, high yield credit and stocks in the coming quarters. we think they should aggregate towards risk-free assets. we think what investors should do, they should be defensive on duration. look at three month bill rates, for example, three month bill rates are 4.8% f you juxtapose that to corporate credit that is 5.2%. charles, for the first time in a long time you're getting paid to be patient here. these are not showing or it is not pricing in a meaningful probability in recession. corporate credit, investment grade credit, high yield credit. i think there is glaring disconnect between the deteriorating corporate fundamentals and actual valuations that we see in stocks, but not only stocks. really, i will be on the lookoutįunk or a foxhole for this scenario? > that is a good way to put it. ![]() if the fed find as reason with the data okay not to cut rates i think there would be more widespread disappointment in the stock market than excitement we're not going to have a recession. i don't want to say it is overvalued but you're paying to a full to above average valuation. if the fed doesn't pivot because the economy is okay, you might think that is good for stocks? only if you're paying a reasonable valuation for them and you're not. i think this is the problem, and this is why good data on the economy, while good for the labor market, i don't want to see anybody lose their job, may not be the best thing in the world for the stock market because what the stock market wants is for the fed to pivot and cut rates. this is another way of saying stocks are expensive. No matter what it comes in tomorrow, it won't be below 20. are we getting a little bit too sanguine here? > well, i know why it is happening because the two things inflation they have come down pretty nicely. all of sudden feels like everyone is whistling past the graveyard. move to the markets and the economy, jim. charles: i don't like the administration seems to be apologizing for china and covering for them throughout this whole thing. if this turns out something more significant, these are chinese balloons, there will be retaliation, there could be market reaction. it doesn't create any harm or anything but it is very embarrassing clouding it in the story. my fear is we're doing is overreacting shooting down a bunch of weather balloons. The sky but the market seems to be ignoring it for now? > because i don't think it sees any real threat to any of this stuff.
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