Good afternoon, whatever, im charles payne, this is money. Is this what soft landing looks like . The question really does wall street even care . Will it change its mind. Has the general malaise overall malaise in this nation created something in the financial world akin to nihilism . Well talk about that. Where does the fed go from here. We have fed watcher Danielle Dimartino booth jay powell, ha he has a tougher task than 24 hours ago. Before you give up the hope of the American Dream folks, katrina cam pens joins me. It is harder and harder but not i am possible. All that and so much more on making money. Charles so this morning we saw what amounts to backtoback Economic Data come in exactly the opposite of what wall street expected and what investors actually hoped for. Im talking of course the ppi number, Producer Price index. That is on inflation. That was hotter than consensus. There were retail sales which increased less than expected. Here is really what is interesting also. It was far less than expected if you factor in the prior months revision. I will tell you about that in a moment. Like the day before when the cpi number was hotter than expected equity futures initially declined, bond yields went up, what you expect happen but then opposite direction. Were going where we are supposed to now. Some say this is the kind of stuff you see during market bubbles but maybe that is an even deeper explanation, one connected to this gargantuan shift in the society where doubt and skepticism reins supreme. There is phrase going around in the investing world, finance aol nihilism. Nihilism has probably existed since the beginning of manned kind. The concept goes back to booed today. The simple definition here is total rejection of established laws and institutions, anarchy, terrorism, other revolutionary activity. Now financial nihilism isnt a new concept either and that has been making the round recently legitimatizing millenial angst. Fortune which used to be a capitalist magazine, giving genzers free pass because of latestage capitalism. New york times says the world is a mess, why should millenials save for tomorrow . Lately the term is picking up the pace, folks, in part to a series of tweets recently travis king, this points to rejection of old school savings, giving up long term. In this particular tweet he talks about the gambling industry. You can see the numbers skyrocketed higher, higher. It is crazy, right . As much as wall street loves to point to retail investors, the socalled meme crowd, lets be honest, the forces that move this market when it is time to ignore the fundamentals those are deep pocketed wall street players. Those are hedge funds and folks like that. Meanwhile youre trying to make money in this market, right . Without getting into any sort of philosophical debate and confusion, no one wants that, there is a shift afoot. Perhaps it is teutonic, and investing ramifications for many years to come. The human existence, especially here in america has become incredibly easier than it was only a few years ago. I understand thats not what you hear, thats not what you read about in the media or social media, take my word for it. It is so much easier. Weve been talking about food prices erupting and they have erupted and it is creating a lot of serious economic pain, going back, going back, further back to the 1930s, 1940s, food cost was twice as high. Food at home was three times more expensive. Which is why back in the day we were just sort of living to stay alive and didnt have a lot of time for emotions. Lets face it, the country has grown soft. I finally got around to watch oppenheimer. My favorite scene in the movie when oppenheimer meets President Trump truman. Mr. President i feel like i have blood on my hand. Truman, took out a handkerchief, wipe your hands. I will not geoff anymore away. There was learning moment on values of yesteryear. The softer on society the higher other expectations of life. The ceo of nvidia just smacked some stand ford students with the cold reality about this. Take a listen. One of the finest institutions on the planet, youre surrounded by other kids that are just incredible. You should have very, you naturally have very High Expectations. People with very High Expectations have very low resilience. And unfortunately resilience matters in success. Charles wow. Think about that for a moment, right . For me the bottom line financial nihilism is a form of, we see it in the form of doom spending, excessive gambling like i showed you. It is dangerous. Now possibly you know, if it lingers too long it could be dangerous for all of our futures. I said comes to the stock market it is only a casino if you make eight casino. Whether it comes to life if you give up you always lose. I want to bring in senior managing director jim awad. Youve been around the clock a few times. Initially, i want to say right up front i miss you. And happy anniversary of to you. Charles thank you very much. Lets talk about this for a moment. Listen i think there were so many times in history where the sort of feeling was worse. It kind of reminds me of hippie era but there were periods of woe is me. People want great stuff but they want it without caring about the natural rules of life. You know, you invest, you plant a seed, you harvest it, you wait for it to grow. I would say people start a jobs these days they want a gold watch the first day of work. Were seeing it creep into the financial world. It is not just young folks. Wall street, every time one of these Economic Data points comes in different or worse than they expected they write it off well what youre seeing is at of short term trading a lot of computer trading, a lot of daytoday analysis of the stock market but if you look at the big picture, the economy continues to grow at a respectable rate. Inflation in the short term is very frustrating the basic trend is down. Interest rates have stopped going up and at some point will likely go down. Profits are growing and youve got this huge transformative a. I. Issue staring us in the face that is going to change the world. It is transformative. It is enduring. It will make us more productive as a society. Were going to grow faster. Profits are going to grow. It swill help us beat our competitors in china and russia. Look at the american corporations, just listen to the nvidia conference call. Listen to the amd conference call. It is only discuss beginning and i will, i would say the best days are yet to come. We have some hurdles. We have some challenges. Charles right. I think the dominance of American Technology is going to liberate us and take us to a new level of prosperity. Charles so jim, you used the words we and us a lot there. I will tell you with my problem with that. We are going to lose a lot of jobs. Ironically the same Tech Companies buying up all the a. I. Chips are laying off thousands of people at this very moment, at this very moment 1000 Family Dollar stores will close this year. We wont do well. Corporations will do very well. This is my problem. On one hand young people looking at this they look at someone, hey, im sitting on the beach, i have a lot of money keep being great. That is fine for jim awad. If you enter the labor force, you studied coding for last four years, they no longer need a coder this is not the same world youre seeing, jim . This is capitalism. This is evolution. This is darwinism. The most fit survive. Sew if youre a young person today, you look where the opportunity is. For those companies that are Technology Companies that are laying off, theyre hiring huge live again in San Francisco around a. I. Youre seeing a rebirth. So what youve got to do if youre a young person, see the opportunity, get skills in that area, put yourself in front of it, train, interview, ride the wave. It is not a planned economy. Charles right. The weak are going to fail. The strong are going to survive and if youre a young person, go to where the opportunity is and make yourself excellent in that area. Charles i read a quote i think it was arthur c. Clarke maybe 30 years ago talking about robots the idea one day none of us will have to work. It will be great for human kind, instead of using 4 of our brain, maybe use eight. I always thought that was kind of weird. We have to work. We want to do things. We want to achieve. We want to succeed. Near term are you concerned at all that maybe were not going to get this soft landing thats been built into the stock market so far . Well, its a work in progress. So far you have to say the economy has performed better than expected. Now we can wake up one day and find out all the savings are exhausted and the consumer is exhausted and theyre pessimistic and it could roll over. But based on what you know now, we have a very reasonable shot of doing, i dont want to call it the miraculous soft landing of continue continuing to go 2 , growing profits, decelerating inflation and peaking Interest Rates but yes you have to worry about it. On the other hand, charles, you have to worry about the economy reaccelerating to the point where it puts pressure on inflation. So there are risks on both sides, but the base case is down the middle. The base case is not bad for risk assets. Charles definitely not bad for risk assets until it is. Jim, i miss you. Talk to you real soon. Yeah. Youre absolutely right, charles. Charles listen, we know where the puck is but you and i, our job is to figure out where it is going. We got to go. You got to keep looking 24 7. Charles talk to you again real soon, my friend. My next guest says he is seeing signs after pullback in the short term, folks. What names would you want to mitigate risk and a lot of stocks absolutely ignored and those are the ones you may want to be in next. luke this will be a gold mine of local intel. Just you wait. marci right. So, tell us about this corn festival . stylist 1 oooh you got your corn pudding. You got your corn chowder. marci so. Is it safe around here . stylist 2 sometimes. luke if a family of eight were to need a cold plunge, where would they find it . stylist 1 . And then they dip it in butter, then bam, it goes right in. stylist 2 . Really cute vampire bar. stylist 1 the reverend does like a blessing on the corn. luke donut shops. How far from here . marci no eyebrows . luke think of how light itll feel in the summer. Weve got to run. Eleven thousand more neighborhoods to go vo ding dong homesdotcom. grandpa vo im the richest guy in the world. Hi baby woman 1 vo i have inherited the best traditions. woman 2 vo i have a great boss. Its me. man 1 vo i have people, people i can count on. man 2 vo i have time to give grandma vo and a million stories to share. grandpa vo if thats not rich, i dont know what is. vo the key to being rich is knowing what counts. This looks like an actual farm. It looks cute on the app. [farm animal sounds] meanwhile, at a vrbo. When other Vacation Rentals arent what theyre cracked up to be, try one where you know what youll get. I bought the team kevin. . I put it on my chase freedom unlimited card. And im gonna cashback on a few other things too starting with the sound system. Thats caaaaaaaaash. Cashback like a pro with chase freedom unlimited. How do you cashback . Ure probably not ch mobile providers for your business. Oit but what if we told you its possible that comcast business mobile can save you up to 75 a year on your wireless bill versus the big three carriers . You can get two unlimited lines for just 30 each month. All in the most reliable 5g mobile Network Nationwide wireless that works for you. Switch to comcast business mobile and save big with up to 500 off an eligible samsung device with a qualifying tradein. Dont wait call, click or visit an xfinity store. Charles all right, so my next guest is extremely bullish long term but says there are leading areas of the market that are showing signs after pause, maybe even a pullback. Rbc Wealth Management technical strategist, robert shumer. Robert, this is the report from the 12th. I know you have an updated report from since then. This is when i see the word breather, longterm youre very, very bullish what is happening on the market. Lets talk about that before we get to the breather. Sure. Charles some indicators, it is a long report. There are some that are intriguing you can share with the audience. Longer trend, accumulation right here, momentum is hard to deny here. Absolutely. You the major cycle low was, i think that is still the catalyst for the Broader Market cycle to continue higher. So were very positive the market continues longterm however charles right. We think there is risk of a tactical pullback or at least a pause. Some stocks have come a long way charles sure. As long as these trends are in place you feel overall confident. We have to live with these pullbacks. Normal part of the market. That is the way the market works. Charles this looks like it is going more parabolic recently. This is longer term uptrend. You go side way as couple years and work higher. The trend is still positive. I think you should be overweight stocks versus bonds. Charles a lofted folks come on the show theyre betting tlt, no. Spx. I think they are both bets. The rates peaked at 5 . The 10year has peaked at 5 . That is cycle high. I do think rates drift lower but i think the stock market outperforms. Charles your long report, it says retailer optimism. Last week the retailer investor, aaii, which is updated every thursday, it was above 50 . That was was a red flag for a lot of folks on wall street. Im not necessarily a big believer about that but what is that something about the crowding of the market . I look more as this is a contrarian indicator. Not that you have to be bearish when everybody is bullish. The other way looks a lot better, when everybody is bearish you want to get bullish. That was the case of going into the Fourth Quarter of 22 and Fourth Quarter of 23. You get the tailwind. People putting more capital at work. I wouldnt be surprised to see the sentiment in the summer. Charles the highest bullish was december of last year. That is a is exactly what wall street started coming out with their incations this year. Let me tell you i would rather fall the retail investor, than jpmorgan, morgan stanley, ubs. The first two months of the market i made enough money ignoring this advice. Youve been bullish longer, longterm bullish for a long time anyway. I think you have to follow the charts. The charts will tell you where the market will go or where the market is going. I think it is a great insight. Forecasting is difficult. I get it. Charles bottoming profiles, i want to talk about these names. I had a guest who liked yesterday some of these pharmaceuticals as well. What is it about it . Is it all based on Technical Analysis . It is for me. Im not sure what the fundamentals are. Bristolmeyers, pfizer is down 25, 26. I dont think theyre bullish but most of the downside in place. Pfizer has 6 dividend yield. You get paid to wait f youre a longterm deep value manager these pharma names look real interesting over the next year or so. Charles paypal. Another disasterous stock. Technology names run very hot. Paypal, some of the other financial Processing Companies have been lagging. I think paypal is very interesting flame bottoming 55, 56dollar level. Charles do you wait for a breakthrough level . You identified the bottoming process. Is there a certain level on the upside you pull the trigger . These are on your watch list. You can do it that way. I like managing risk on the downside. Take some exposure here. Limit your risk to the recent lows. Paypal is 55. That is pretty attractive risk reward. If youre not managing risk in the portfolio youre not managing the portfolio. Charles right, that is number un. Although these days it doesnt feel like it. Anyone that comes on this show talk about managing risk. How much can i make and how fast can i make it. We have seen lot of stocks, pretty ugly days, ugly reversal days like last friday. It takes patience to let the names cool down. Ccis big bear market. Pulling back. I think these are interesting contrarian ideas. Charles definitely contrarian. Being patient, this was the hot stock five years ago, 10 years ago, it is going to be hot. I think theyre bottoming. Charles all right. Folks you got the list. You will be back. Well talk about it again. Great seeing you. Thank you. Charles folks, what would president bidens budget mean for your family, just your contribution to it if we am more am tore eyes it like we do with everyone else . Peter saint on is here with a number you will not look very much. As an independent financial advisor, i stand by these promises. As a fiduciary, i promise to be the financial steward that you and your family need. I promise to put your longterm Financial Wellbeing above any short term transaction. Everyone has a big picture. My job is to help you invest in yours. 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Using our technology to power different ways of learning. So when minds grow, opportunities follow. Charles all right, folks, now for the second day in a row Economic Data has derailed the notion of a soft landing and yet seems like almost everyone on wall street from the strategists to the economists dismissing all of this data but gerri willis has more that might change their minds. Gerri. Reporter charles, thats right. In january it was cold. In february the data was faulty. The big reason for this might be the professional investing community has bet the ranch and their reputations on a soft landing, hence the onslaught of stories on the bloomberg terminal, right . Lately they have taken to bragging about real wages which have moved higher after 25 months of yearoveryear declines but even with the soft landing crowd it is being somewhat dishonest because everyone knows what matters most is the actual paycheck. Now with that in mind, median Weekly Earnings are still below prepandemic levels because of massive cuts in the work week. Take a look at this. All that data is rear view mirror stuff. We get a much better feel for momentum and direction with things like the atlanta fed, threemonth wage tracker which is lurching guess what . Freefall. Our friend eric bass, pointed out this week the Kansas City Fed labor market index which is basket of 24 variables if you didnt like one or two he has more, suggest ad continued hollowing of the labor market. Charles, back to you. Charles gerri, thank you very much. My next guest never bought into the soft landing narrative, heritage economist peter st. Onge. Why were you keptal from the beginning . Because the fed has never ever pulled off a soft landing. Look at google trend about everything of soft landing, every single recession you get a huge flury beforehand. The media fantasizing this time after 100 years of screwing it up the fed will get it right. They never have. They dont understand how the economy works. Just two years ago, Jerome Powell was getting attacked over the transitory inflation schtick. We learned how little we understand about inflation. They do not know what theyre doing. That has been the case for 100 years. It will be the case again. Charles what do you make then of this data in the last 24 hours . Certainly prices are going higher and feels to me pretty easy, higher prices dissuading consumers. The money they are spending, 70 is on gasoline . Thats exactly right. Consumers are going into debt to try to maintain the lifestyle that they had during covid and beyond that, they are not buying the economy, whatever it looks like on paper in reality, people are in distress. Youre seeing this across the board. 401 k hardship withdrawals, credit card defaults across the board were seeing consumers are in trouble. Meanwhile exactly the data were seeing is confirming this stagflationary narrative. So we had ppi come out today. They said wholesale prices are going up annualized 7 1 2 . That was 0. 6 on the month. That is epic by the way that brings ppi numbers exactly in line with whats happened to Consumer Prices since biden took office. So so much for the whole shrinkflation, Greedy Companies narrative. If companies are being greedy right now theyre not very good at it. Charles let me tell youing. I used that chart recently there is no way you can make a bag small enough to offset the price of chocolate chip cookies. Lets shift the narrative a little bit. This budget. You had great things. I have saw where you posted the average American Family this will cost them 760 debt interest per month for 10 years. I couldnt do the math but what does that add up to . It is astounding. You know washingtons drunken sailors have gone into hyperdrive at this point. When you break these numbers down, so biden is asking for 7. 3 trillion in his budget that would be a 20 hike on the year. You may recall we had a lot of spending last year and the economy did not grow 20 . Theyre looking for much bigger piece of pie. You break that down by household, he is asking for 56,000 per spending for american household. Middle eastian Household Spending in this country is 75,000. Something is wrong with that picture. His budget, if it, if it became reality that would increase the federal debt by 16 trillion within 10 years that would take it past 50 trillion. Now that one you divide that by the number of households, youre looking 385,000 literally, that would be bigger than your mortgage. One of my colleagues he always talks about the federal debt being the second mortgage. It is by far outpacing a second mortgage. Charles i have got less than a minute to go, peter where do we go from here . On one hand the American Public is screaming. You dont have to be an economist, know what your lifestyle is, what happened to it. They have been ignored, they have did not dismissed, they have been disrespected. I guess they get a chance to decide if they want more of this in november. Can we even change that matter who wins . Thats the question. People do not brief the media anymore. The media will continue gaslighting on inflation just like they have. Minimizing, taking year on year, all these games they can play. Things that people see go to the grocery store. Look at their paycheck, fill up the car, they can see reality, the question is, the media will go hardcore against trump. They will talk about any outside issue they possibly can to distract. Are people hurting enough to overcome that media onslaught . That i dont know. That was the case in the 1970s. If we look at the data right now it is starting to track on the 1970s, this kind of double peak where you have a second even worse stagflation. In that continues yes, the people will pull a reagan, will reject even the media narratives but time will tell. Charles then of course they would even hold trumps feet to the fire to make sure, listen, Everyone Wants austerity. I think the American Public might be ready for it. Thanks a lot, peter, appreciate it. We have nely. I have to start first with you and the consumer. You post a lot about the consumer and fashion. What is the true state of the u. S. Consumer right now . Well it is nuanced. I think thats what youre seeing a little bit and hearing. That is why it makes our jobs fun and also very difficult. Clearly out of the Dollar Stores weve been hearing about a narrative of a stretched consumer. Yet we have the apparel and fashion retailers who are executing well, having really good weather right now. Saying that things are actually pretty good. So it just depends on which retailer youre talking about, which category, which consumer. But you know for fashion, kind of feel like we need to be going to you, charles. Charles i saw your post on those sneakers. I never heard of them. I will not say anything. Maybe theyre hip, maybe theyre not, i dont know. The retail sales report though, so furniture down 1. 1. Clothing down 0. 5. You know, sometimes we have to differentiate retailer that beat wall street estimates and then what the actual data was, right . Because you can lose a lot of money and still beat wall streets estimate or the stock like Dollar General could be down huge and get a temporary reprieve but now that stock is moving lower as well. Where are we going overall though, the consumer . Can we continue to paint this picture after consumer that is almighty, all strong, spending all their money every month . No. No, it is not going to be able to be sustainable and thats where it becomes really important to navigate for the alpha, looking at the narratives behind underneath all of the numbers. Lets take real quick for retail sales. We look at it on and not adjusted yearoveryear. We know it gets reported month over month. We look at the way retailers report it. It was up 5. 5 in aggregate. It was a great number. Remember you had a extra day in there. If you strip that out it was up only 2 based on our estimate for the month of february. Not particularly robust and what was really disconcerting is they had actually downwardly revised january substantially. It had been reported at two. It was actually up only 1. 4. So when we look ahead to what next month might bring, were watching this like a hawk right now, charles, because tax refunds are actually starting to work in the favor of consumers. The setup is strong. This is when we were up against svb. This is when we were up against the drop of the snap benefits. The optics should work in march. If they dont well all have to really reconsider what is going on broadly with the consumer. Charles beyond march, we have only got like 40 seconds, i want to button up the conversation in your mind where are we heading, no landing hard landing soft landing . It depends which consumer youre talking about. I think unfortunately well have a hard landing lower end consumer especially if they lose their job. Were watching jobs more than were watching wages right now because cfos, budget by overall dollars, not by, in headcount more than they do by wages. Were hoping that jobs hold in, but if they dont, this is going to be a tough year. Charles yeah. Neely, thank you very much. Always appreciate your insight. Well chase sneaker tips later on online. Thanks, charles. Charles well we got a guest coming up who is really, really concerned about the economy but she has been for sometime. Danielle dimartino booth always brings some unique information to this show. Shes been right. She has more surprising stuff that you want to see next. sung limu emu and doug. Hello, ghostbusters. Its doug. Of doug and limu. We help people customize and save hundreds on Car Insurance with liberty mutual. Anyway, we got a bit of a situation here. Uhhuh. Uhhuh. Mmhmm. Sure, i can hold. Only pay for what you need. sung liberty. Liberty. Liberty. Liberty. Ghostbusters frozen empire. In theaters march 22. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire when i was your age, we never had anything like this. What . Wifi . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi on the xfinity 10g network. Charles as you know by now retail sales coming in below consensus. This is the thing, the prior month sharp revision. Down. 8 of a percent. While this report was coming out earnings from Dollar General were also released. The quarter was better than consensus. As i mentioned in the earlier segment the talking heads went crazy. The fact of the matter fullyear guidance was lower. Check this out, every single category was down, every single category was lower. Heres the thing, if discount retailers are struggling, inflation is edging higher certainly there has to be a connection. I want to bring in qi chief strategist, Danielle Dimartino booth. Danielle, it feels simple to me. Prices, inflation has been so high for so long, its not coming down. The pace has moderated. By the way it hasnt even moderated in eight months. So its taking a toll on the consumer. Nevertheless i keep hearing over and over, guest after guest, day after day, the American Consumer strong a Bottomless Pit of money, willing to spend every nickel every single month and well live happily ever after charles, that is just not the case. If youre looking only at the initial print, if youre looking at only the initial data releases sure that is going to be the case but we revised down nonfarm payrolls in january by 124,000, the most since september of 2008, the month that lehman collapsed. We saw major revisions to spending in january. In fact, where we are seeing, charles, inflation is the most problematic areas. Energy and protein literally. When i mean protein, i mean eggs, beef, chicken. Thats where were seeing inflation. That is what caused tyson foods to close a plant affecting nearly 1,300,000 displaced plant workers because theyre saying you know what . We cannot raise prices on meat for American Consumers. They just cant afford it. This is where were seeing the real squeeze, whether Dollar Stores or the like. Essential inflation, that is really, hurting your average american. Charles, you can now buy now pay later your rent . Charles whoa, where . It is called flex. It is called flex. I just learned about this today. Charles wow. If you cannot cover the cost of your basic living needs were in soup right now. Charles, weve seen 225,000 layoffs announced between the new years day and where we are today midmarch. We havent seen figures like this again, 2009. Charles again so okay inflation is becoming less immack late by a minute. I was going through your favorite sight, trueflation. You were talking about the food inflation, health care inflation. There is insurance inflation. Youve talked a lot about socalled sticky inflation. For a while it was a thing on wall street, everyone kind of forgot about it but it is not going away. It is not going away, charles. You do not have a choice. If you want to legally drive on the highways and biways in the United States of america you have to contend with your Auto Insurance being up 21 yearoveryear. There is no way to get around that. No way to get around the fact that your Homeowners Insurance is going up. Adam had a report that attom, foreclosures in south florida are spiking right now. Why . Homeowners insurance premiums are going up along with hoa fees. There are retirees in bought in southern florida to spend the rest of their lives on a fixed income. Yet, there go their budgets. These are necessities where were seeing inflation. Charles you sit down, take a pen and paper, okay i can afford the house. I can afford the insurance at that time. I can afford the taxes at that time. In florida, you dont worry about that. Then Homeowners Association i can afford that. Then all of sudden you cant afford that. You have no source of income. Because it is not just florida, if florida is hurting were your h all hurting. Before i let you go, you feel like powells done a really good job, considering the circumstances. He is not in charge of fiscal spending where does this put him . I know he tried to push back against this narrative, not soft landing per se because he thinks he can pull it off but he has tried to temper expectations. Looks like he will have to do more of that. Charles, he has to say there i going to be a soft landing. It is like part of his job description. He cant say the house is on fire, my gosh. By the same token i stand by him possibly committing a massive policy error right now. It is tossup between two or three rate cuts this year. There was a time a few months ago we were saying seven but to powells credit though, charles, you know what . Somebody has got to be the adult in the room and stop congress from spending like they are. If you keep interest expense for the country high, then thats at least going to force our row makers to be a little bit more adult in the room as opposed to one man, jay powell. Charles i will believe that when i see it but i would love for him to give it a shot. Danielle appreciate it. Thank you, charles. Charles we talked about retail sales. Those have failed. We are seeing the signs. Delinquencies gone up, credit card Interest Rates are going up extraordinarily high. We do like to spend money. There is the opportunity there, Kristen Bentz is one of the best to find out. Not just the health of the consumer but how we make money in this market as well. I have type 2 diabetes, but i manage it well jardiance its a little pill with a big story to tell i take oncedaily jardiance at each days start as time went on it was easy to see im lowering my a1c jardiance works twentyfour seven in your body to flush out some sugar. 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With everything you need to deliver, you guessed it. More. One more thing. Whos your rock . Charles retail Sales Numbers were surprising to everyone but my next guest, kristen. What did you know that no one else knew or would admit . People dont admit the disconnect between wall street and main street. We talk about the bifurcated consumer all the time. The low income consumer is not doing so good and those chickens came home to roost. Charles Something Else that caught my attention was the nonstore which is internet. Down fractionally. Merchandise is up a little bit. What is happening . I always thought internet was on automatic pilot but it has been bumpy lately. Student loan payments kick back in. Waiting on tax refunds not as big as they were and buy now pay later has bitten a lot of consumers where they pump the brakes a little bit. Reporter restaurants were higher monthtomonth, yeartoyear and the way i look at it, going out to eat has become the last extravagance and i think mainstreet will not give that up unless they have to. Its a tossup. If you are doing that its the same price. Do you want to get out of the apartment or do you want to stay home . Its the same thing . Both of them are crazy. I want to go back to what you are saying, the screen where we have williamssonoma came out, they were phenomenal, stock is up 18 , increasing dividend 26 and then you had dollar tree down 50 , they had no dividend. One had 530 stores, dollar tree had 16,000, Dollar General had 20,000 and to me thats the gist of it. The narrow part of this, the big part of its struggle. Exactly and people dont Pay Attention to that. As an analyst, you cant judge the consumer, you have to follow them and see where they are spending so being supportive of walmart being constructive and walmart, every american lives in 10 miles of a walmart so they are faring better but we talked about this, where do you trade down from the dollar store . Most of those consumers are shopping there for food. Whats next . That begs the question. Charles less than a minute ago. Full disclosure. I asked my subscribers to take profits today. Im too nervous. What do you expect . I dont know. Im very constructive when it comes to cosmetics in certain spots so you know i like an interesting story right now. I feel odd. I also like this market as well. The target thing, a lot of the very. I dont know. I will be cautiously optimistic here. Charles the mindboggling stock only discovered six months ago. Wish you told me about it a few years ago. Thank you so much. A big theme on the show, the American Dream of Home Ownership, i think it is part of the financial nihilism particularly when bringing out manchin global host katrina campos. You deal with a lot of folks and are such an inspiration, you have the insights better than most. Is there a feeling that i will never get a piece of the action so why even try . The gen z part . The story got me thinking, when i was growing up, Home Ownership was at the top of my list, wanted to hard my generation. And hard work, there was cause and effect and the promise of america that you could achieve anything. Our parents and grandparents had this idea that the allure of upward mobility was sustainable. The Younger Generation, we are seeing these financial markers, they dont think it is attainable to your point so they are less valuable and not even striving for it. The idea of buying a home or the corner office, they value freedom, travel, Mental Health and relaxation above all of it. My generation was hustling and bustling to achieve things they are like wait a second, need to relax and enjoy life. Stuart at some point that is a reality. The affordability deal is an issue for all americans. The ways that may be we could fix this. There is a housing issue all over america. To adjust our home prices to make it affordable, house prices would have to come down 40 one . And comes would have to go up 69 , Mortgage Rates would have to come down 4. 3 . They all seem impossible. When you look at that maybe i should join jen z. When you look at these numbers you understand why the Younger Generation is like why am i going to try . This is an income to me which is staggering, 69 . Firsttime homebuyers, their age is now 36. Used to be 33 so continues to climb upward. You see affordability as a main issue. Charles wall street was buying without looking, foreigners buying without looking. Someone is bidding more with deeper pockets, never been in the house at all. Its frustrating for a lot of people but every time i talk to you are walk away saying it is still attainable somehow. Do you believe that . I believe it is attainable. Hard work works. I believe in it and if you save and invest properly. Charles you have to say may be a little longer than parents or grandparents. At 17 i was out of the house. Stay at home, save money for a down payment. Charles they go out and parties low. The chart you sent me about gambling was crazy, wasting away money and trying to keep up on instagram or social media. Thats whats happening. Wasting away savings on trying to keep up which is such a shame. Invest the money in bonds and the stock market and housing. You can move further away from the office. That should help, you dont have to be in the hippest place, one of these little broom closets in new york city to live right. Isnt it smart to start looking further out . Has people retire they will move to this area so you can always sell, the resale value is Getting Better for the suburb so you dont need to be in the best, coolest spot. Thats the biggest lesson. Live for yourself and invest and save for the future. Blue will live for yourself and invest. Watch manchin global, heres ashley webster