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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single bust IDEA quickment

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Speaker 1: on a Monday, but it is a decidedly non summer week.

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Speaker 1: This is maybe, no, not maybe, I'm going to state it.

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Speaker 1: It is the busiest week of the summer. FED meeting

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Speaker 1: on Wednesday, and of course all the jobs report into Friday, Wednesday, Thursday,

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Speaker 1: Friday will go beneath the headline data. Much much more

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Speaker 1: housing data coming up, I believe tomorrow as well. It's

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Speaker 1: just I'm sorry, maybe on Friday or Saturday. Everybody takes

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Speaker 1: off six weeks. A lot of the surveillance crew actually

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Speaker 1: is taking a French vacation this year. Eric seems to

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Speaker 1: be looking at four consecutive weeks off. He'll darken the

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Speaker 1: door again the first week of September. But it's a

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Speaker 1: big deal. It's a big Monday, and we wanted to

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Speaker 1: go for people with an overarching grasp of the relations

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Speaker 1: of the market. You're in Timor. If you don't know him,

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Speaker 1: is it fidelity? He's truly I don't use this word often.

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Speaker 1: He is iconic and technical analysis and you can see

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Speaker 1: this if you go to LinkedIn. You're in Timor alone.

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Speaker 1: Is one reason to sign up for LinkedIn. Absolutely brilliant.

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Speaker 1: Timm e R. Search it out on LinkedIn and he

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Speaker 1: has there not all but a good amount of the

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Speaker 1: fidelity technical work he's doing. How's just stated, it is

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Speaker 1: absolutely definitive across global Wall Street. You're in timor on

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Speaker 1: the week ahead for.

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Speaker 2: The first time in this cycle. The fat truly is

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Speaker 2: poised to cut right like it's had a bias to ease,

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Speaker 2: but now it has the green light to actually execute.

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Speaker 2: The question is how many times it goes. And at

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Speaker 2: the same time, we have earnings growth accelerating. You know

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Speaker 2: Q two season is underway, of course, and every Friday

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Speaker 2: I go my Bloomberg and I look at the expected

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Speaker 2: earnings growth numbers and there are plus eleven right now

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Speaker 2: and rising. So if you think about it, and also

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Speaker 2: let me throw one more stattude, the S and P

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Speaker 2: Equal Weighted Index has a PE ratio of eighteen, whereas

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Speaker 2: the cap weighted index has a PE of twenty four.

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Speaker 2: You have a lowering cost of capital, a bond market

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Speaker 2: that's well behaved right now, accelerating earnings, and reasonable valuations

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Speaker 2: for most stocks. If that's not a recipe for the

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Speaker 2: market to broaden, then I don't know what there is.

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Speaker 1: You're in timer and again it's technical work out on

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Speaker 1: LinkedIn on Twitter, but particularly LinkedIn is just absolutely superb.

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Speaker 1: Somebody said to me gold, what do I read? William

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Speaker 1: Silverb is emeritis NYU And he's written a whole bunch

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Speaker 1: of books. Wrote a book on silver and this that

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Speaker 1: a good twelve thirteen years ago. He wrote a definitive

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Speaker 1: book on the day gold shifted from a British sovereign

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Speaker 1: reality over to a US sovereign at reality. Look up

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Speaker 1: William Silber. Silber, William Silber on a book. It's got

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Speaker 1: a title Washington's in it. It's like fourteen years old.

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Speaker 1: Look for that out on Amazon. What else can we

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Speaker 1: talk about? Well, once again the asset allocation story Troi

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Speaker 1: Gyski and FS Investments looking at the broader pictures. That

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Speaker 1: was our theme today, not so much international but domestic

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Speaker 1: on what the FED would do into earning season. From

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Speaker 1: FS Investments, Troi Gyeski, you have.

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Speaker 3: To recognize that that period of overconsumption where the consumer

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Speaker 3: could spend down excess savings as well as run the

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Speaker 3: standard savings rate down from seven percent pre pandemic to

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Speaker 3: three point two is really over. But you know, McDonald's

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Speaker 3: a great example because there again last earning season, this

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Speaker 3: earning season, you've seen confirmed signs both from the top

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Speaker 3: down and bottom up, that the consumer is much more

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Speaker 3: fragile now than they were eighteen months ago. And what

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Speaker 3: that means from a market standpoint, tom or an economic standpoint,

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Speaker 3: is if there's some type of unforeseen shock, then there's

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Speaker 3: less shock absorption capability in the consumer to keep things going.

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Speaker 3: Whereas eighteen months ago it really right, matter what happened

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Speaker 3: to other contributing factors, the consumer was just so gosh

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Speaker 3: arn't strong.

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Speaker 1: Eighteen months on in a great bull market. Let's recipitulate

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Speaker 1: this bullmarket to me. The Christmas Eve started it twenty eighteen,

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Speaker 1: a year before the pandemic came out of nowhere was

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Speaker 1: really a time to get on board. Ben Ladler just

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Speaker 1: outstanding at that at the time at HSBC. And then

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Speaker 1: within all the pandemic and the emotion and the money lost,

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Speaker 1: I should say very clearly there was October of twenty

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Speaker 1: twenty two, and I call that the Yard, Denny and

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Speaker 1: Caompora Low where others besides Ralph and Kompora, the great

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Speaker 1: Chartist and ed Yard Denny got on board and there

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Speaker 1: was another leg of this and twelve months later October

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Speaker 1: of twenty twenty three. I have no idea where we

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Speaker 1: are now. It's not my job to give an opinion

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Speaker 1: of long, short, bull or bear, but I can really

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Speaker 1: say that with the shockingly tepid pullback, wow, has the

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Speaker 1: inks showed up this weekend. It was really amazing to see,

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Speaker 1: just with I did a lot of percent change work,

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Speaker 1: six percent draw down, the mag seven Bloomberg Index cratered.

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Speaker 1: It's an eighteen percent draw down, and on and on

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Speaker 1: and the answer is what will happen while the anks

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Speaker 1: has come up here as well, and everybody's got an opinion,

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Speaker 1: we'll drive that opinion to you here in this eventful week.

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Speaker 1: We're on YouTube. Subscribe to Bloomberg podcast on Apple car

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Speaker 1: Play and Android Auto an Apple podcasts. It's single best

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Speaker 1: I did.

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Speaker 3: N T. Pactors were included in the d