NDR's Kalish: Expect rate hikes until the Fed hits its inflation target

Joe Kalish, chief global macro strategist at Ned Davis Research, says that longer-term inflation will be what determines whether the economy can continue to avoid a recession and the market can sidestep a protracted downturn. With that in mind, Kalish expects the Federal Reserve to raise rates repeatedly until it can be confident that inflation has peaked, is passing through temporary troubles and gets to long-term target levels at 2.1 percent. Kalish, says, though, that he believes that goal will take longer than the Fed expects to be accomplished, meaning that economic doldrums will also go on for longer than forecast. In The NAVigator segment, Mitchel Penn of Oppenheimer and Co., talks about the challenges of analyzing and evaluating business-development companies, highlighting why one particular BDC -- Runway Growth Finance Corp. -- appears ready to outperform the market and the competition. And in the Market Call, Mike Bailey, director of research for FBB Capital Partners, talks about taking a "beat and raise" approach to managing a portfolio of stocks during trying market conditions.