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StockChart's Keller: This 'relentless incline' is reminiscent of '21

Money Life with Chuck Jaffe

Release Date: 04/02/2024

Edward Jones' Kourkafas prefers strong economy to market-boosting rate cuts show art Edward Jones' Kourkafas prefers strong economy to market-boosting rate cuts

Money Life with Chuck Jaffe

Angelo Kourkafas, senior investment strategist at , says we are seeing a tug of war between the forces lifting the economy -- powered by excitement over artificial intelligence -- facing the stubbornness of inflation and the likelihood that the Federal Reserve will postpone rate cuts as long as possible, weakening the market.  Kourkafas says he prefers the strong economy over rate cuts because it builds a strong foundation for corporate profits, which ultimately will drive markets higher, overcoming the short-term impact inflation and higher-for-longer interest rates are having on the...

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Devilish details for new ETF promising market gains with no losses ever show art Devilish details for new ETF promising market gains with no losses ever

Money Life with Chuck Jaffe

Matt Kaufman, head of ETFs at , discusses the firm's new "," in which a fund owner gets exposure to a market index but gives up some upside potential in exchange for protection against losses. The funds sound like a substitute for stocks but, akin to equity index products and other financial hybrids built to avoid losses, are a more suitable substitute for bank savings accounts and other cash investments. Kaufman says the products are a reflection of the times, where many investors are tired of the volatility and nervous for the future and want some assurance that they will not lose money in...

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Channel Cap's Roberts: The Fed's motto now is 'First, do no harm' show art Channel Cap's Roberts: The Fed's motto now is 'First, do no harm'

Money Life with Chuck Jaffe

Doug Roberts, chief investment strategist at the -- author of "Follow the Fed to Investment Success" -- says that Jerome Powell is currently trying to live "the financial version of the Hippocratic oath, which says 'First, do no harm.'" Roberts says that Powell is trying to adjust expectations gradually, which is why Wednesday's statement from the Fed boss was benign, trying to play both sides, setting expectations at one rate cut this year but with the potential to avoid that if the data doesn't demand it. In the ETF of the Week interview, Todd Rosenbluth, head of research at , takes a...

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Zacks' Blank: Recession for 2024 'is completely off the table' show art Zacks' Blank: Recession for 2024 'is completely off the table'

Money Life with Chuck Jaffe

John Blank, chief investment strategist and chief economist at , says that there will not be a recession -- or anything resembling it -- this year, but he makes it clear the can't be said for 2025, once the election cycle and concerns about the impact of higher interest rates and inflation staying around longer play out. Blank says he does not expect the Federal Reserve to be pressured into making rate cuts, but notes that it could make a cut in the fall leading into the election if the data suggests one is appropriate, but he doesn't see the central bank moving off of its plan to get...

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Invesco's Levitt: Signs keep pointing to good times for the market show art Invesco's Levitt: Signs keep pointing to good times for the market

Money Life with Chuck Jaffe

Brian Levitt, global market strategist at , says that the years after peak inflation and peak tightening tend to be good for markets, and he expects that to continue with a market and economy that he thinks can avoid big downturns. Levitt says the economy never got the recession many people expected because the economy didn't have a lot of excesses to create bubbles or big issues, but also because trouble came in spots, rolling into one area without taking over the whole landscape. As a result, Levitt's major guideposts for recession haven't been flashing warning signs, though he acknowledges...

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Johnson's Ceci: Hard landing potential rises until rates start falling show art Johnson's Ceci: Hard landing potential rises until rates start falling

Money Life with Chuck Jaffe

Dominic Ceci, chief investment officer at , says  that while a soft landing has been priced into the stock market, sticky inflation is what could make things take a turn for the worse, noting that the longer inflation hangs around, interest rates won't be cut and that will lead to a rougher downturn. Ceci says interest rates are a driving force for stock markets, with an inverse relation where rates staying high would be bad for equities, while rate cuts would be a big plus. Also on the show: Lester Jones, chief economist for the , discusses  the reaching its highest levels since...

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WisdomTree's Schwartz: Inflation is overstated, productivity underestimated show art WisdomTree's Schwartz: Inflation is overstated, productivity underestimated

Money Life with Chuck Jaffe

Jeremy Schwartz, global chief investment officer at , says that despite current headlines, the economy will have a higher real growth rate, with productivity improved by technological advances and continued full employment, which should help the economy avoid recession. He notes that inflation rates may not be quite as high as they seem, saying that inflation is below official government levels when looked at in more updated, modern ways to evaluate consumer prices, noting that shelter costs are dramatically overstated in traditional measures, skewing the numbers. All of this creates a...

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Natixis' Janasiewicz: Stay the course, overweight equities during the earnings grind show art Natixis' Janasiewicz: Stay the course, overweight equities during the earnings grind

Money Life with Chuck Jaffe

Jack Janasiewicz, portfolio strategist for , says that inflation is moving in the right direction -- albeit more slowly -- and economic growth remains resilient, creating an environment where corporate earnings continue to grind higher. That has him locking into his plan and overweighting stocks. Janasiewicz says that so long as inflation doesn't reaccelerate and force the Federal Reserve to increase rates, conditions should remain benign and comfortable for investors. Also on the show, Todd Rosenbluth, head of research at , makes the Van Eck Gold Miners ETF (GDX) his pick for "ETF of the...

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Baird's Fitterer: It feels like the Fed wants to ease, but can't do it now show art Baird's Fitterer: It feels like the Fed wants to ease, but can't do it now

Money Life with Chuck Jaffe

Lyle Fitterer, portfolio manager for the , says that investors should take the Federal Reserve at its word, expecting interest rates to have peaked, anticipate a cut but don't expect it to happen until the numbers warrant it. That may not happen until late in the year or into 2025. Meanwhile, he notes investors are getting strong returns -- particularly in muni bond funds where there are additional tax benefits from investing -- though not getting paid to take on extra credit risk, even though defaults and delinquencies haven't gone up dramatically with rates staying higher for longer. Also on...

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Seven Canyons' Kutusov: Supply chain diversification will reshape global markets show art Seven Canyons' Kutusov: Supply chain diversification will reshape global markets

Money Life with Chuck Jaffe

Andrey Kutusov, portfolio manager on the  global, international and emerging markets small-cap teams at , says that "near-shoring" or "China plus one" supply-chain diversification will "be the dominant force in international markets over the next decade." Kutusov says that geopolitical pressure and rising labor costs have pushed companies out of China or made them open additional capabilities elsewhere, most notably in India and Mexico. Plus, international interest rates are higher than in the U.S., leaving places like India, Mexico and Indonesia with economies that have room to ease...

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David Keller, chief market strategist at StockCharts.com and the president at Sierra Alpha Research, says the market's first quarter was much stronger than he expected, avoiding a low that he was expecting. The current low-volatility incline the market is on reminded Keller of 2021, a time when the market was recovering from Covid and kept driving higher despite concerns. Keller says that he is watching for danger signs like a spike in volatility or deterioration in breadth indicators, but lacking those troubles he says the market is giving a "long and strong" impression that he is inclined to follow until those trouble spots become visible. In The Big Interview, Jonathan Treussard, founder of Treussard Capital Management, says that the Federal Reserve has two choices right now, one of which is declaring victory over inflation despite not having achieved its target rate, or it can push harder to get the job done, which might knock the economy off of its soft-landing trajectory. Like Keller, Treussard notes the market's low volatility as a positive, though he worries that it is making investors take extra chances that could turn into trouble when the market turns. Plus, Tom Martin, senior portfolio manager at Globalt Investments, brings his earnings-centric investment style to the Money Life Market Call.