JMK's Mills: In this environment, 'you want to own assets that float and swim'

Karl Mills, president of Jurika, Mills & Keifer, says that the high-inflation, rising-rate global economy is challenging investors to buy assets "that float and swim," namely stocks and real estate, because bonds -- the traditional safe asset -- sink in these conditions, with "an almost-guaranteed loss of purchasing power." Mills thinks the market has the potential to rise from now to the end of the year, but says that any rally will be more sector- and industry-specific rather than being an across-the-board higher tide for all. Meanwhile, Jose Torres, senior economist at Interactive Brokers, says that consumers are slowing down and cutting back spending before the Federal Reserve has done much tightening, which he considers a potential warning sign for how the economy could struggle as the central bank grapples with trying to create a proverbial soft landing. Also on the show, Tom Lydon of ETFTrends.com looks to Brazil with his ETF of the Week, and Ted Rossman of CreditCards.com discusses how consumers are already changing/reducing their summer spending plans.