![]() so the question is, whether chasing, chasing performance or this is really a buy signal? i want to bring in wealth enhancement group, senior vice president nicole webb. look at this coming into the year, everyone sold off but recently we've seen a surge of money flowing into the stock market. Real life, retail is not behind the eight ball. apparently james bullard will step down in august. charles: that would help wall street because, if they have made any sort of bets it has been on the quality names. > look at the fact set data that shows overseas earnings have been lagging by quite a bit given the growth we've had in the united states. multinationals doing extraordinarily well. companies that have substantial overseas exposure - charles: multinationals. that could be bad for the long-term inflation outlook. you get a cheaper dollar, weaker dollar, going forward a faster commodity price inflation than otherwise. that is in response to this cheaper dollar exchange rate. What are the implications for this not just for the economy but there are major stock market implications, right? > the first thing i noticed what happened with commodity prices took off. all of that work they have done, the snowball becoming the severely boulder, what does it but now he is talking about the lag effect. first time you mentioned it in a f emc meeting early this year, late last year, felt he was forced to acknowledge it. ![]() we keep talking about the lag effect in part because now jay powell is talking about it. charles: i want to talk to but the lag effect. what sparks it? what sparks the economy when all the excess savings is gone, all the pay raises are exhausted, what gets to spark the economy after that? > it would have to be interest rate cuts. ![]() charles: i keep hearing the reinflation story. the own sri worry i would have on the inflation front, and i've asked other experts about this, ken rogoff for instance, what they say, is that if the economy reaccelerate in lasting manner inflation is coming back pretty quickly. it comes down to timing forĪ peaking of wage inflation. we're seeing more and more of that stuff these names you were told to stay away from now everyone is jumping on the bandwagon. ![]() so i mean this is just absolutely phenomenal. today they think it is a 410-dollar stock. oppenheimer yesterday thought microsoft was a 330-dollar stock. now for me it's an admission that not only could this rally pick up seem but that the megacaps could lead. and then the other big news was this upgrade. goldman, first they shared with their clients who were asking is it possible the s&p 500 could go to an all-time high? their answer was yes. in fact this morning i want to show you something i saw that might be the news of the day. now those who are sitting on their hands, i don't know they can no longer tell the clients, hey, get 5% in a safe investment. then there is a group who simply made the wrong bet. ![]()
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