What is the major bull case for stocks Right now I'll have to be honest with you I would Love your opinion I can't quite figure It out I I think part of what has Happened is that people we have lived in A low inflation High liquidity Environment for so long and we've gone Through a pre we went through a pretty Rapid sea change you know marked by a Global pandemic you know and I think a Lot of things in this economy have Changed and I don't think Traders are Really getting the fed's message or have Really have really accepted that this is Going to be a long slog absolutely and I Think when you look at uh just some of The price action here Emily and partly To criti's question and partly too I Think what you were talking about a Little bit earlier I feel a little Kinship with you now I I don't really Talk much about this but uh I my family Was actually in the corrugated box Business as well uh and I'm curious About the disconnect that we see between What the market is trying to price in And what we really are seeing on the Ground in the real economy and the idea That Jay Powell at least publicly seems To have articulated this idea that he is Much more concerned about the effects on The real economy and less concerned here About keeping financial markets humming
In a way that we had come to expect out Of the FED over the last decade and a Half Powell has decided that he's going to Communicate in a way that previous fed Chairman have not you know very Regularly you know taught but I think You know frankly every time anything Slightly optimistic leaves his lips the Market rallies and it reverses what the Fed Is trying to do so I'm a little bit Puzzled that he's not sending more Negative uh you know signals so when the When the CEO of the Atlanta fed Rafael Bostic came out and suggested it was Yesterday or maybe two days ago that Maybe they'd only cut by 25 bases The market sword you know so it's almost People are looking for optimistic signs And I still think it's just because There's a lot of money out there and People have not gotten the message
