Clocktower's Papic: Inflation has peaked, Fed has pivoted, recession's not coming

Marko Papic, chief strategist at Clocktower Group, says that equities bottom when inflation peaks, and that process -- typically coupled with the Federal Reserve becoming less hawkish -- is well underway. Papic says the Fed's downshift in the size of rate hikes at a time when inflation remains elevated is a sign that the central bank has already shifted its policy focus, and will lead to consumers having more money in their pocket and setting up 'a pretty bullish environment.' Papic expects the market and economy to be strong through 2023, but does seem some storm clouds on the horizon for late 2024, fertilized by some Fed action in trying to ultimately hit target inflation numbers. Also on the show, Tom Lydon of VettaFi looks to small-cap stocks -- which financial advisers have been looking at as one of the more promising areas of the market for this year -- and makes a growth fund his ETF of the Week, Matt Zajechowski discusses a study done for Forbes Advisor showing that nearly 80 percent of the members of the millennial and Gen Z generations have gotten financial advice from social media, and Chuck answers a listener's question about dealing with collectibles from long-ago childhoods.