Baird's Fitterer: It feels like the Fed wants to ease, but can't do it now

Lyle Fitterer, portfolio manager for the Baird Strategic Municipal Bond fund, says that investors should take the Federal Reserve at its word, expecting interest rates to have peaked, anticipate a cut but don't expect it to happen until the numbers warrant it. That may not happen until late in the year or into 2025. Meanwhile, he notes investors are getting strong returns -- particularly in muni bond funds where there are additional tax benefits from investing -- though not getting paid to take on extra credit risk, even though defaults and delinquencies haven't gone up dramatically with rates staying higher for longer. Also on the show, Ted Rossman discusses the latest Bankrate.com survey showing that Americans aren't just planning to go far and wide this summer, they're planning to go into debt to get there; Chuck goes "Off The News" with the Department of Labor's release of new fiduciary guidelines for investment managers, and Ryan Jacob, chief investment officer of the Jacob Funds talks small-cap technology in the Market Call.