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Speaker 3: Joining us now is Nadia Level, senior US equity strategist
Speaker 3: at UBS Global Wealth Management.
Speaker 4: Nadi, we heard.
Speaker 3: There that we've got a lot of speakers this week,
Speaker 3: not only Governors Bowman, Coogler, and Cook, but then Presidents Rafield,
Speaker 3: Bostik and Austin Goolsby. How do you see the FED
Speaker 3: message evolving this week?
Speaker 5: You know, it would be interesting to see what the
Speaker 5: message is because our sense was this fifty basis points
Speaker 5: cut was something that Paul really wanted to get through.
Speaker 5: Could not afford to see any potential for the weakness
Speaker 5: in the labor market, especially given that monetary policy acts
Speaker 5: with a lag. I mean, we saw from the updated
Speaker 5: dots that it suggests that maybe some participants wanted a
Speaker 5: smaller cut. The medium dot didn't move up to one
Speaker 5: hundred basis points, but you had nine participants that are
Speaker 5: at seventy five basis points or less for the rest
Speaker 5: of the year. But we know that you know, self
Speaker 5: landed are hard and to navigate, and Powell wanted to
Speaker 5: get ahead of this. This is also about his legacy,
Speaker 5: and so he wanted to cut from a position of strength.
Speaker 5: Our core view has been since the week July payrolls
Speaker 5: that we would get one hundred basis points have cut
Speaker 5: this year, and that remains our stand. We continue to
Speaker 5: think that the disinflation is happening faster than the FED
Speaker 5: was expected. We saw them reduce those numbers, and so
Speaker 5: we do think that the commentary this week probably will
Speaker 5: skew a little bit hawk is just given where the
Speaker 5: dots are and there's obviously dispersion on the committee.
Speaker 2: Yeah, Chris Waller was saying Friday, I think in an
Speaker 2: interview with CNBC that it was the favorable inflation data,
Speaker 2: not worries about the labor market, that convinced him to
Speaker 2: support that fifty bases point rate cut. So again, good
Speaker 2: news on inflation, not so much concern about the US
Speaker 2: moving into recession. But with everything that we've been talking about, Noddy,
Speaker 2: I'm curious as to how it's affected the house strategy
Speaker 2: at UBS on putting money to work in the equity market.
Speaker 5: You know, I think last week was somewhat of a
Speaker 5: Goldilock scenario for the markets. You got that sizeable recalibration
Speaker 5: of cut, but also the macro data was pretty decent,
Speaker 5: and it feels like the bar for cuts going forward,
Speaker 5: you know, is lower, and that boosts the probability of
Speaker 5: soft landing. So we think that that's overall supportive forwards assets.
Speaker 5: You know, we're sort of in the environment again where
Speaker 5: market is probably back to good news is good news
Speaker 5: and bad news is good is good news, and so
Speaker 5: we think that that, along with the fact that you
Speaker 5: still have a corporate earnings environment that's brought it in out,
Speaker 5: we think that it will continue to broad it out.
Speaker 6: That should be supportive for the equity markets.
Speaker 5: So we think the ecre markets can reach you know,
Speaker 5: six two hundred by the middle of next year, and
Speaker 5: so we've been advising clients to continue to put money
Speaker 5: to work, particularly in high quality stocks.
Speaker 3: Yeah, I think probably what you meant was good news
Speaker 3: is good news and bad news would be bad news.
Speaker 4: The economy is growing.
Speaker 6: Bad news good news as well.
Speaker 4: You think that good news?
Speaker 3: Okay, well, yeah, I'm sort of when I look at earnings,
Speaker 3: earnings are growing again after being stunted. The economy is
Speaker 3: growing moderately. It seems like if we judge the economy now,
Speaker 3: we can say, well, we're in a kind of soft
Speaker 3: landing position. So it does beg the question, I suppose
Speaker 3: what comes next? Do we get better from here or
Speaker 3: do we get worse from here?
Speaker 5: I think that, you know, I think that we do
Speaker 5: continue to chug along here. Don't think that we do
Speaker 5: expect the economy to slow down from here. I mean,
Speaker 5: we're running at two point nine percent if you look
Speaker 5: at Atlanta fed GDP now for the third quarter, So
Speaker 5: we're looking for a pace to slow down to somewhere
Speaker 5: closer to two percent, closer to trend line.
Speaker 6: Over the next six months.
Speaker 5: But at the same time, corporate earnings is accelerated, and
Speaker 5: that's because we're having that brought it out. We know
Speaker 5: that you know, much of the late last year into
Speaker 5: the first half of this year, that a lot of
Speaker 5: the growth was driven by tech tech companies, those megacap
Speaker 5: tech companies, and now you're seeing some other parts of
Speaker 5: the economy of the S and B, the more cyclical
Speaker 5: areas are starting to see earnings grow again, and so
Speaker 5: that's going to help earns accelerate.
Speaker 7: You know, we're.
Speaker 5: Expecting you know, low double digit earnings growth for the
Speaker 5: next twelve months, and that would be supportive to the
Speaker 5: overall market.
Speaker 2: So are you advising clients to take a little out
Speaker 2: of some of that megacap tech trade that you just
Speaker 2: identified there and maybe moving in into something that's a
Speaker 2: lower valuation and maybe more exposed to the economy.
Speaker 6: So we have a balance set to outlook.
Speaker 5: Continue to like tech for those secular tail words, particularly
Speaker 5: around AI, also like financials as well for that cyclical exposure,
Speaker 5: also the benefit of rates, and then on the defensive side,
Speaker 5: like utilities for the secular part of the story as well, particularly.
Speaker 6: Empowering up AI. So not necessarily.
Speaker 5: Saying that you have to sell your tap to move
Speaker 5: into the cicle careeras MAANDMA, there's a lot of cash
Speaker 5: sitting on the sidelines. We're seeing it among our own
Speaker 5: client space, so we're encouraging clients to put that move
Speaker 5: some of that cash off of the sala and into
Speaker 5: the market, particularly in those higher quality areas of the market.
Speaker 3: Yeah, so you mentioned housing recovery. You see that as well.
Speaker 3: I'm curious if the current positioning of the of the tenure,
Speaker 3: I mean, it's it actually edged higher since the FED
Speaker 3: rate cut, whether or not if that continues.
Speaker 4: We're at the three seventy four on the tenure.
Speaker 3: Now, how high does that go where you start to
Speaker 3: get nervous because you know thirty your mortgages are generally
Speaker 3: priced off the tenure, right.
Speaker 5: Absolutely, I mean we have expected tenures to sort of
Speaker 5: come into three point eight five by the end of
Speaker 5: the years. As you said, it is thirty year mortgages
Speaker 5: more tied in year you're seeing. So we don't expect
Speaker 5: to any of to move much higher from here.
Speaker 6: We do expect.
Speaker 5: Mortgage rates to sort of continue to come down as well,
Speaker 5: and that should be supported for the house and market.
Speaker 5: We know that the housing market hasn't been a demand issue.
Speaker 5: It's going to supply issue. A lot of people are
Speaker 5: locked into very low mortgage rates and so we think
Speaker 5: that that should help also some housing turnover, which should
Speaker 5: be supportive to all of those companies that are in
Speaker 5: the house and ecosystem.
Speaker 2: So when you sit down and you listen to what
Speaker 2: some of the other strategists over at UBS are saying
Speaker 2: about the degree to which the election in the fall
Speaker 2: is going to have an impact on markets. What are
Speaker 2: they saying.
Speaker 6: So, we we think that it's a very close call.
Speaker 5: I mean, we give a probability of a Harris win
Speaker 5: fifty five percent and a Trump fixery forty five percent.
Speaker 5: What we've been advising clients to do is to not
Speaker 5: make any mandor changes to their asset.
Speaker 6: Allocation or an account of the election.
Speaker 5: But at the same time, of course, there are some
Speaker 5: clients who are concerned about a pick of involatility that
Speaker 5: we've been advising hedge and strat A, particularly clients that
Speaker 5: have exposure to stocks that might be more sensitive to
Speaker 5: the election. So think about those stocks that might be
Speaker 5: exposed to tariffs should president former president Trump wins, or
Speaker 5: some of the stocks that are financials could benefit from
Speaker 5: a Trump victory.
Speaker 6: And then on the other side and the.
Speaker 5: Harris sort of victory, then you have those green energy
Speaker 5: stocks that could benefit. So we've been advising clients to
Speaker 5: do things on the margins and not make any major changes.
Speaker 4: Nadia.
Speaker 3: If Harris wins, so will likely see changes to corporate taxes,
Speaker 3: they'll eventually be higher than now. Is it simply mathematics
Speaker 3: that that will cut into profits absolutely?
Speaker 5: I mean Harris has proposed twenty eight percent to corporate
Speaker 5: tax rate versus twenty one percent today, and also even
Speaker 5: the buybacks, lifting the buybacks from one percent rate to
Speaker 5: four percent tax rate. And so when you think about that,
Speaker 5: that could be like a mid single digit hit to
Speaker 5: corporate profits, and so that will probably have a drag
Speaker 5: on the market as well.
Speaker 6: So something to watch.
Speaker 3: Nadia, thank you for joining us. Nadia level their senior
Speaker 3: US equity strategist over at UBS Global Wealth Management. Bill Adams,
Speaker 3: chief economist for a Comerica Bank, joins us now to
Speaker 3: discuss conditions underlying in the US economy. Bill, thank you
Speaker 3: for being with us. One of the trends that we've
Speaker 3: seen since the Fed made that big rate cut is
Speaker 3: a steepening of the yield curve. Does the action by
Speaker 3: the Fed almost guarantee that will continue to see this
Speaker 3: play out over the coming weeks? And what are the
Speaker 3: implications of.
Speaker 4: A steeper yield curve?
Speaker 1: I think the steeper yield curve is a sign that
Speaker 1: the monetary stance in the United States is getting back
Speaker 1: towards normal after a very restrictive period. So economists, market strategists,
Speaker 1: we've been talking at nauseum over the last couple of
Speaker 1: years about the inverted yield curve as a recession signal,
Speaker 1: and the uninversion of the ill curve often is seen
Speaker 1: as a warning sign for equities because in cycles, when
Speaker 1: the inverted yield curve is followed by a recession, you know,
Speaker 1: this is the point where the FED is cutting that
Speaker 1: uninverted the yield curve, and that's the sign that the
Speaker 1: recession is beginning this time, knock on wood, I feel
Speaker 1: looks different.
Speaker 4: So far.
Speaker 1: It looks like the FED is cutting largely because inflation
Speaker 1: is coming back to the Fed's target, and that's quite
Speaker 1: good news for the economy and good news for risk
Speaker 1: acids as well as well.
Speaker 2: So do you think the FED in cutting by fifty
Speaker 2: basis points last week was declaring victory.
Speaker 1: I think the fifty basis point cut was in part
Speaker 1: a reaction to expectations for lower inflation over the next
Speaker 1: couple of months. Reading so, we've seen a move lower
Speaker 1: and energy prices, and in part due to the solid
Speaker 1: supply and weak demand globally, especially Europe, and Asia, and
Speaker 1: that's going to translate into lower headline inflation in the
Speaker 1: next couple of months, and the FED doesn't want inflation
Speaker 1: adjusted interest rates to be rising at this point because
Speaker 1: the unemployment rates already a little higher, there's a marginist
Speaker 1: lack in the job market, and inflation is closer to
Speaker 1: their target, so there's not as much of a case
Speaker 1: for tight monetary policy. So I think there's an element
Speaker 1: of moving because of the inflation outlook. I think also
Speaker 1: the big downward revisions to the jobs data released over
Speaker 1: the month of August and into the beginning of September
Speaker 1: really changed the picture about the labor market. The labor
Speaker 1: market had looked really solid when the FED last met
Speaker 1: in July. The twelve month moving average of payrolls growth
Speaker 1: was two hundred and eighteen thousand with the data in
Speaker 1: hand on July thirty first. As of the September meeting,
Speaker 1: that twelve month average was down due I think one
Speaker 1: hundred and fifty seven thousand, So a very different picture,
Speaker 1: much cooler labor market, justifying a move away from restrictive
Speaker 1: and back towards neutral monetary policy.
Speaker 4: But Bill, it still feels pretty good with where we're at.
Speaker 4: With the US economy.
Speaker 3: And sometimes, you know, when you see the FED cutting
Speaker 3: interest rates into an economy that's performing pretty well, you
Speaker 3: start to, you know, get nervous about things being too good.
Speaker 3: And so as long as we're feeling nervous and feeling
Speaker 3: a little guilty, what do.
Speaker 4: We worry about the most? So what do you worry
Speaker 4: about the most?
Speaker 1: Well, it's our jobs to worry right So in terms
Speaker 1: of the things I worry about right now, top of
Speaker 1: mind is the global energy supply with wars in the
Speaker 1: Mid East, war in Ukraine. If we saw an interruption
Speaker 1: energy supply see WTI jump to one hundred and fifty
Speaker 1: two hundred dollars a barrel, that would be a major
Speaker 1: blow to the US economy. I think the other downside
Speaker 1: risk to the US economy that we've been talking about
Speaker 1: over the course of the year, you know, some of
Speaker 1: them are these sort of long bubbling issues like the
Speaker 1: commercial real estate in large big city downtowns, think you know,
Speaker 1: San Francisco, Manhattan, Chicago, the but you know, that issue
Speaker 1: also seems like it's it's getting better understood. And also
Speaker 1: with interest rates moving down faster than had seemed likely
Speaker 1: to be the case, a couple of months ago. I
Speaker 1: think that is a bit of going to be a
Speaker 1: bit of a cushion for real estate. So a lot
Speaker 1: of the interest rates sensitive downside risk to the US
Speaker 1: economy look less concerning now given the change in the
Speaker 1: Fed's outlook.
Speaker 2: So, as you know, last week, Powell was talking about
Speaker 2: recalibrating FED policy to a more neutral level. Do you
Speaker 2: have a sense of where neutral is? What's the neutral rate?
Speaker 2: In your work?
Speaker 1: Neutral is lower than where we are today.
Speaker 4: Yeah, okay, so it's it's.
Speaker 1: Not four and three quarters. It's probably not four. It's
Speaker 1: probably not three and a half. Maybe it's three, maybe
Speaker 1: it's two and a half. Maybe it could be somewhere
Speaker 1: in there. I have penciled in lightly a neutral rate of,
Speaker 1: you know, between two and a half and three percent
Speaker 1: in my forecast. But it's a very academic discussion right
Speaker 1: now because it doesn't look like interest rates are headed
Speaker 1: back to neutral in the near term. It's not a
Speaker 1: twenty twenty five story.
Speaker 4: Now.
Speaker 1: If this soft landing dynamic turns into a more serious
Speaker 1: economic downturn, then the Fed could be cutting more aggressively,
Speaker 1: and would they cut down to quote unquote neutral very quickly?
Speaker 1: Would they go past neutral into expansionary territory. I think
Speaker 1: that that's a possibility. It's not my base case, but.
Speaker 4: I think the.
Speaker 1: You know, the question of where is neutral, you know,
Speaker 1: it's not an issue that we have to be able
Speaker 1: to answer right away.
Speaker 3: Well, even if we can't pinpoint it, it seems reasonable
Speaker 3: to say that it's higher than it was before. You're
Speaker 3: talking about, you know, maybe tune out to three percent,
Speaker 3: even maybe a little above three percent. So it does
Speaker 3: mag the question, let's have that academic discussion, why are
Speaker 3: we operating at a higher level. Why is the economy
Speaker 3: on a stronger footing now than it has traditionally been
Speaker 3: over the past many years.
Speaker 1: I think about the neutral interest rate in the context
Speaker 1: of the overall economic policy mix, meaning you have monetary
Speaker 1: policy on the one hand and fiscal policy on the
Speaker 1: other hand. We had type fiscal policy for the many
Speaker 1: years after the Great Recession. Fiscal policy became more expansionary
Speaker 1: towards the end of the long expansion of the twenty tens,
Speaker 1: but still not like we have today. Right now, the US,
Speaker 1: we have a fiscal deficit of about six percent of GDP,
Speaker 1: and we also have pretty expansionary fiscal policy. At the
Speaker 1: state and local government level. State and local governments have
Speaker 1: been pulling in a lot of tax revenue because of
Speaker 1: higher property prices, so higher property tax revenues, and there
Speaker 1: is still that like the long lag of all of
Speaker 1: the money that got to state in local governments during
Speaker 1: the pandemic. So there's a lot of fiscal support, and
Speaker 1: that means that there's less need or less of an
Speaker 1: argument for monetary policy to be supporting the expansion.
Speaker 4: We talked so oh, sorry, go.
Speaker 2: Ahead, No, no, I was just we talked about the PC.
Speaker 2: Other data that we're expecting this week includes personal spending
Speaker 2: and income. What's your sense of the American consumer right
Speaker 2: now and the reaction function that consumers may have to
Speaker 2: lower interest rates this last rate cut.
Speaker 1: I think the average of what drives consumer spending in
Speaker 1: the United States is in pretty good shape. American consumers
Speaker 1: are supported by big increases in household wealth. Many Americans
Speaker 1: locked in low mortgage rates in the kind of pre
Speaker 1: twenty twenty two years, and that's supported a lot of
Speaker 1: consumer spending. You also have half of bachelor's degree workers
Speaker 1: have some remote work, so they spend less on commuting, etc.
Speaker 1: So that is I think the big buffer for consumer spending. Now,
Speaker 1: the typical American think the median is not as well
Speaker 1: off as the average, and so there's more of a
Speaker 1: drag from the cost of living. From the big increase
Speaker 1: in rents, you have more people affected by the expense
Speaker 1: of buying a new home with higher mortgage rates, higher prices,
Speaker 1: and that's I think why you've seen the signs of
Speaker 1: consumer stress like higher credit card delinquency rates and the
Speaker 1: Fed's data in the last couple of quarters.
Speaker 3: Bill, thank you for being with us. Bill Adams, chief
Speaker 3: economist at Comerica Bank. We welcome Chuck Kumelo, President and
Speaker 3: chief executive Officer at Essex Financial. Chuck, us, doocs look
Speaker 3: pretty good here with the S and P five hundred
Speaker 3: up around fifty seven hundred. If you look at the
Speaker 3: two hundred day moving average, it's just below fifty two hundred.
Speaker 3: In other words, you could get a big pullback. The
Speaker 3: uptrend would still be in place, but people would be
Speaker 3: feeling a little nervous.
Speaker 4: How do you feel about current evaluation levels?
Speaker 7: Well, thank you so much for having me listen. I
Speaker 7: think the market valuations certainly are a little bit elevated
Speaker 7: in some cases. To put it mildly, but you know,
Speaker 7: we're anticipating an awful lot of volatility as we enter
Speaker 7: and get closer to this election that essentially I think
Speaker 7: nobody's looking forward to. But listen, we're overall, we are
Speaker 7: bullets on the market. Interest rates coming down tends to
Speaker 7: be a good thing, although that can be a wildcard,
Speaker 7: which we can go into a little bit if you'd like,
Speaker 7: as well as earnings are pretty well. Economy and the
Speaker 7: entire reason that made the move that they did is
Speaker 7: around employment, and employment has been slowing. It's still good,
Speaker 7: it's not as good as it was, so you know,
Speaker 7: again they got themselves a little bit ahead of it.
Speaker 2: So in terms of further easing, how much are you
Speaker 2: expecting between let's say now in the end of the year.
Speaker 7: Probably at least one, maybe two. I mean, I think
Speaker 7: the FED has been quite quite repetitive and quite on
Speaker 7: the record with them being data dependent, and we're going
Speaker 7: to have as you just mentioned in the update, we're
Speaker 7: going to have the PCE coming out later this week.
Speaker 7: We'll have another employment report or two before these next
Speaker 7: two FED meetings in November and December. So certainly I
Speaker 7: think probably one, possibly two, depending upon how employment looks
Speaker 7: and obviously inflation.
Speaker 3: So when you look at the high pe companies, the
Speaker 3: biggest tech stock, so they generally perform well when rates
Speaker 3: come down because there are long duration assets and it's
Speaker 3: just a better environment. And that's kind of on a
Speaker 3: technical level, but on a real level, for the other
Speaker 3: four to ninety three in the s and P five hundred,
Speaker 3: they benefit from having their costs come down. They don't
Speaker 3: have huge profits and they don't have huge profit margins,
Speaker 3: so when rates come down, it's good. Right, So in
Speaker 3: that sense, things are looking pretty solid.
Speaker 7: Well that's the thing you think about how some of
Speaker 7: those high valuation tech stocks did in a rising interest
Speaker 7: rate environment. Yeah, so you know that, but you're one
Speaker 7: hundred percent right the other four hundred and ninety three companies,
Speaker 7: especially for small caps and obviously a lot of different
Speaker 7: sectors outside of technology, lower interest rates are booing across
Speaker 7: across everywhere from cost inputs to just their cost of
Speaker 7: doing business. And then again driving the economy is the
Speaker 7: US consumer, which drives two thirds of it. So the
Speaker 7: lower interest rate environment is always a better environment than
Speaker 7: when the FIT is hiking rates to slow the economy.
Speaker 7: But you know, these the technology companies, and again they
Speaker 7: have seated leadership, right, I mean they certainly The only
Speaker 7: stock that in the Magnificent seven that has hit a
Speaker 7: new fifty two week high is Meta, Apple, Microsoft, Nvidia, Google, Amazon, Tesla.
Speaker 7: Haven't S and P five hundred has the S and
Speaker 7: P equal weight has as a matter of fact, over
Speaker 7: the past you know, I think it's past ninety days
Speaker 7: give or take the you know, the RSP equal weight
Speaker 7: is up over the past is up eight point two
Speaker 7: one percent, and S and P five hundred up only
Speaker 7: four point four to six percent. So you are starting
Speaker 7: to see this market broaden. And again I think that
Speaker 7: speaks to the point you just that the point that
Speaker 7: you just mentioned around the overall economic environment is more
Speaker 7: conducive to a wider range of companies.
Speaker 2: Chuck, imagine a world where Kamala Harris is the next
Speaker 2: US president and the corporate tax rate goes up to
Speaker 2: twenty eight percent.
Speaker 4: What do you do then?
Speaker 7: Yeah, So that's uh, that's the obvious. While Cardon Wise
Speaker 7: said before, we're we're looking for a lot of volatility now,
Speaker 7: I think part of that is is blocked to tad bit.
Speaker 7: If you get a democratic president and you get a
Speaker 7: Republican Senate. That's why from all the things that we
Speaker 7: see and listen to and read from a lot of
Speaker 7: really smart people, you know, a democratic suite, I think
Speaker 7: for the markets would be challenging. To put it mildly,
Speaker 7: but listen, I mean, companies have managed around higher tax
Speaker 7: rates in the past. They can in the future. It
Speaker 7: certainly is another headwind to it. But again, US companies,
Speaker 7: the US economy has proven itself extremely resilient in the past.
Speaker 7: I have no doubt it will do so in the future.
Speaker 7: But obviously that would certainly be a bigger headwind and
Speaker 7: would certainly cause some things into question.
Speaker 3: So I want to put a question to you, which
Speaker 3: is kind of extrapolating from point A to point B.
Speaker 3: We've kind of made the case that you're seeing a
Speaker 3: nice spreading out of the market in the United States.
Speaker 3: In the same way, should we see a spreading out
Speaker 3: of investment buying into emerging markets, into the you know,
Speaker 3: the less developed markets. Does that Does that look good
Speaker 3: going forward into the end of this year?
Speaker 7: Well, you know, it's always good for US to investor
Speaker 7: to be diversified in other markets other than the US.
Speaker 7: That the challenge has been is in the past, you'd
Speaker 7: have this rotation with the US markets who do really,
Speaker 7: really well, and they would sort of suffer a little
Speaker 7: bit and then international markets would come roaring back. You
Speaker 7: just haven't seen that, and the returns have been so compelling.
Speaker 7: Like roughly over the past three years, the S and
Speaker 7: P five hundred is up about thirty two thirty three percent,
Speaker 7: and they you know, if index is up eleven point four,
Speaker 7: emerging markets is negative eight point six ' nine. So
Speaker 7: it's it's a tough sell, but I think that's where
Speaker 7: you have to find the right manager as well. Whether
Speaker 7: it's an active ETF or whether it's a mutual fund
Speaker 7: or pick an individual stocks. There's such a wide variety,
Speaker 7: but it's a it's a tough sell getting the average
Speaker 7: US consumer to investor excuse me, to put money into
Speaker 7: a emerging market. It's given the opportunities right here at home,
Speaker 7: but they can certainly provide some outside returns if you
Speaker 7: get it right.
Speaker 2: Chuck, very quickly, Tember October can be rough months for
Speaker 2: the equity market. Looks like we'll get through September perhaps unscathed.
Speaker 2: Is there a risk of a lot more downside in October?
Speaker 7: Very quickly, I think there is. I mean September, remember
Speaker 7: how we started with August. You know that was a
Speaker 7: tough start to the month. We finished strong. September looks
Speaker 7: like it's going to be pretty good. But we're trying
Speaker 7: to tee our clients up for you know, expect volatility.
Speaker 7: It's going to provide opportunity for investors as well, but
Speaker 7: you know, we try to get ahead of it so
Speaker 7: that when it does happen, people don't you know, completely
Speaker 7: freak out and get this tube.
Speaker 3: Okay, thank you, Chuck out of time, but we appreciated
Speaker 3: Chuck Camello, President, chief executive Officer at Essex Financial.
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