The Fed's Overtightening of Interest Rates

Do you think that the summer is going to be more like a deldrum topping formation type development? Or do you think that there's risks that if let's say we have a bad jobs number in July or August and a poor earnings season that we could already be breaking on the downside? Yes, that, outside. I think late summers, it's very possible that happens. And I do think earnings will be a part of that, although I think that's going to get worse more in the second half than the second quarter earnings. But I think the consumer is a lot weaker than people think.