This Week’s Must-Know Market News (Uncut) 02-15-2025
This Week’s Must-Know Market News | ft. Peter Boockvar and Scott Schwartz | Rise UP!
welcome to rise up where we take a really good look this week at breaking down all the stories that impli to you we really want to help you grow and protect your portfolio my name is Terry Coulson and I’m a managing partner at rise growth I’m also a certified financial planner and I’m joined here with my co-host Joe Duran who is also the founder of Rise growth partners and an amazing entrepreneur who really LED one of the largest raas and fiduciaries in this country Joe thanks so much for
joining us hey how are you today Terry here we are going into president’s weekend I don’t even feel like the EUR started so I don’t know how we got it so quickly but I know up in your neck of the woods where on the West Coast getting bombarded with rain my daughter’s in New York getting hammered with snow so I think we’re in the real teeth of winter here ABS looking forward to a nice long weekend yeah well you know it’s really appropriate actually we have a new president so we might as well celebrate on President’s Day so I know
my family and I we hope to go skiing over the weekend because all this rain does really lead to Great snow up in the mountains here in Northern California so I hope everybody else is going to have a great weekend as well we also have two other guests with us Scott Schwarz who’s a certified financial planner and a principal at leele Financial Group and we have Peter bvar who’s the chief investment officer at Bleckley and the editor of a very popular book called the book report on that’s available today
Peter and Scott thank you for joining us thanks for having us great to be here thanks all right let’s jump into the biggest stories of this week which of course was the jumping Consumer Price Index rising. 5% from December to 3% the news really set up a ripple effect starting with the markets as the S&P dropped 3% on the news it also back bounced back on Thursday but we also have the 10-year treasury yields that added 10 B basis points on Wednesday reaching just short of 4.64 which is the highest in two weeks before falling back
the next day food and energy which we’re hearing about in the marketplace biggest Drive of CPI which was up 4% and you know so many of us were hoping that inflation would start going down that was really the hope for the new year so Peter I’d really like to start with you obviously this news is going to keep the FED pretty cool about lowering interest rates but there’s another outlining factor out there watching how the new US policies on tariffs are going to affect the economy president Trump is
announcing so many things I think he’s flooding The Zone but it’s it’s really a 25% tariff on steel and Aluminum Products coming into the US Peter what do we think of this well inflation has proven to be pretty persistent it seems to be stuck at around this 3% level and with the fed’s target being two uh it’s still stubbornly well above that uh so it does put the FED on hold uh J Powell did speak in front of both the Senate in the house this week and he did say that they’re in no hurry uh to cut interest
rates again and the inflation data CPI and then the PPI on um on Wednesday I’m sorry on Thursday certainly confirmed that he should be sitting on his hands uh so the question is is what can break inflation lower and uh an onslaught of tariffs uh would not do that it would probably keep uh inflation as is or even shifted higher uh so it’s more of a cloudy uh uh result when it comes to inflation and interest rates are going to stay persistently at current levels uh following the inflation numbers and
Peter I mean I’d add the inflation is where people really notice it right now eggs pricing is out of this world even though it’s really driven by the bird flu it has an impact on everybody’s breakfast coffee new high these rents new highs like the things that are really visible in people’s lives which I tell you you see it here in California maybe it’s anecdotal but I noticed that with the Super Bowl they were giving away Hotel rooms in in Las Vegas this this last weekend I didn’t go but they were rooms at the wi and really luxury
hotels at $150 $250 which this weekend is typically completely out of reach so I am wondering if we’re starting to see a little bit of is this economy cooling I I noticed actually in in the speech that was given by the fed the economy is doing great but I am starting to see some anecdotal it’s easier to get a reservation for dinner last night I was able for tonight prior to Valentine’s Day get a reservation at a restaurant very easily it just seems like maybe and maybe it’s just in California but it
seems like the inflation is really hitting people where it matters and I just wonder if you think there’s a concern about the economy slowing in here because that combination obviously has huge implications for investors well it’s definitely been a very bifurcated consumer we we know the M lower to middle- income consumers gotten whacked pretty hard and we’re still seeing stress uh on their pocketbooks they’re focused more on their their their needs less so on their wants the upper income consumer has done much better because
they’re able to absorb uh the inflationary pressures much more easily uh they’ve been shifting their spending too to More Travel and Leisure and away from Goods but it does highlight as you mentioned uh a very mixed and uneven uh consumer because of the cumulative impact on inflation uh that is very painful and at best wages which have have risen pretty nicely are really only just keeping up with the level of inflation when you look at it over a multi-year time frame I know you’re a planner Scott’s a
planner what do you tell your clients in a day-to-day inflationary environment how does that play into a financial plan like how do you at what point do you say hey we’ve got to change our expectations obviously people who are in a fixed savings inflation eats away at their possibility of what they can live in retirement so how often should you take a look and say hey what does this mean to my retirement what does this mean to do I need to work a few more years so how do how should an individual think
about that yeah yeah we spent a lot of time talking to our clients about liquidity we spent a lot of time talking to our clients about you know how much money do they spend what’s coming up on their time horiz and I review with my clients every quarter and the first question I ask is how are we doing cash flow wise and is there anything coming down the road we spent a lot of time in this business talking about where did the market close today you know what are the you know what are the numbers on unemployment Etc
this is kind of Peter’s bag um while I think it’s important I think sometimes our clients are a little too focused on that um at the end of the day we’re very well Diversified with our clients we want to own equities because we know we’re going to have inflation over time we want to have growth to keep up with that inflation but I think more importantly we want to recognize the fact that as things are getting more expensive we have the liquidity available if my clients are going to need to spend more more money next year
to live I want to make sure that I’ve got that money set aside you know in in fixed income in cash in treasuries uh so that we’re not forc to sell Securities in an environment uh if we get into a you know into a really tough Market where things get really expensive my clients I don’t want people to be in a position have to sell security sell equities um but that’s our that’s our take on it yeah Joe I just wanted to say if you’re going to take your wife Jen out for Valentine’s Day you know I just
had dinner in California just this Tuesday and the restaurant was completely out of chicken so you and Jen did not expect to have chicken for Valentine’s Day and I I think that was bird flu related but okay that was that’s the first time that’s ever happened to me so order something else all right you know I’ll add something of value on Valentine’s Day my wife apparently was reading somewhere that the uh the origin of Valentine’s uh day is really pretty dark and Bleak if you want to look it up so we’re not going
out for Valentine’s Day we’re just going to hang out at home go out for a President’s Day because that’s even a better day that’s what I would do if I were you Scott um but let’s talk about the Meg s right is is the mag seven now the leg seven I don’t know but the S&P you know ended end of day Thursday up about 4% as of last Friday Germany is up almost 133% UK is over 6% so we’re starting to look at some changes in the economy but you know Scott a few weeks ago you mentioned Bleakley clients were asking all about
the Meg 7 and where we are now what are your thoughts on that so we’ve always been um you know long-term Focus right we’re financial planners we’re not Market timers um again we all kind of get caught up in the current news and our clients are excited when they look at the last few years with what Microsoft and Nvidia and some of these you know this MA 7 as you call it have done um look the last few years we have exposure to those stocks of course but we’ve also had exposure to non- us equities and quite frankly you know as
you’re talking to your clients last year the year before and you’ve got a non- US Equity position um they lagged so you know I heard somebody once say that being Diversified means always having to say you’re sorry um but in the end you want to be Diversified so what’s happening now is these stocks that are trading at much lower multiples whether you’re talking about Healthcare whether you’re talking about midcap stocks whe you’re talking about non- us equities they’re starting to lead and and that’s
encouraging I think you know from our perspective seeing the market not so heavily at by seven names is encouraging now we still want to have exposure there and if you’ve got money in the S&P 500 or in any large cap domestic Equity Fund or the Russell 3000 you’re getting plenty of exposure uh to these mag seven stocks my recommendation would be to people don’t chase it don’t feel like you’ve missed it you don’t need to go out and buy those stocks on top of your portfolio and be Overexposed there uh
there’s still good value out there you know we like healthcare like I said midcap stocks starting to perform better small cap stocks could likely perform better particularly if tax rates come down uh so yeah being Diversified owning good quality Assets in the long run is always a good idea it’s been a really diversification within the M the mag 7 to you know met is hitting all-time highs Tesla I think it’s down I think it’s had a really good run the last two days but we were almost down 30% from
500 to 330 since the election uh post result and so you’re when you at these valuations and all of the MA 7 have very lofty valuations we saw what happened with Nvidia even though they’ve had very nice results and Peter I think we talked about this a few times that you can own the S&P either as a cap weighted or as an equal weighted or you can instead of owning just the S&P 500 which again heavily weights the max 7 you can also own the Russell 1000 which is also the middle cap names and in fact if you take
the S&P without the max 7 it’s up about 2 or 3% more than with the mag 7 so we’re starting to see for the first time in quite a while the companies that have not participated as much doing better both on the downside when the markets go down and also when the markets are going up so again we’ve had these head fakes before it might go back to being the the mag s all about the mag s again but we are seeing some noise and I think the other thing you have to point out is that when you have seven names and only
seven names with very high valuations if one thing goes sideways in one of them it can have an impact across the board so you know you look at Tesla there’s a lot of there’s very little daylight between Tesla and the president right now because of the role that Ela muskar and Doge and whatever your opinion is good or bad it certainly might be taking attention away from the fact that Tesla’s cars are now fairly mature they need a new cycle and he might be spending more time trying to figure out how to save billions of
dollars on the US economy than figuring out what the right next car is to be successful and then the have the second impact which is not small which is the political backwash there might be more people in the center of the country buying Tesla trucks but there’s also maybe fewer people on the west coast and East Coast buying Tesla cost and so all of this stuff just speaks to the fact that you want to have a diversified portfolio it’s interesting to have an interesting stock or two that you are a
fan of but you w to if you’re going to be a serious investor with your serious long-term wealth your life altering wealth you want to be very thoughtful about not over-dependent on any one thing working out and always being a little disappointed I guess as H Scott saying something I’m sorry Peter just one thing to what you just said is a very good point you have people out there who are just uh buying indexes because they think they’re really well Diversified and that’s where they want to be but the truth is that the indexes
have gotten very very heavily skewed towards these big names one of the things we do at our firm we’re very careful to do is we buy specifically a value position a growth position a midcap position a healthcare position and we look at those positions so we want to make sure that uh we’re we’re well Diversified so that when these stocks are out of favor and these other you know assets that have been under value come back into favor that we actually own them right so I think it’s important to understand what do you
really own in these baskets because they have been somewhat uh skewed by these by these big market cap companies it could I’m going to tie Valentine’s Day into into this uh the market maybe losing its mag 7 Valentine in terms of their dominance in driving performance it’s really down to the mag one Joe you mentioned Meta Meta stock is up 19 straight days uh while the other six have sort of now more challenging fundamentals you mentioned Tesla Apple hasn’t seen any growth and the others the the big
hyperscalers like Amazon and and and Google are spending extraordinary amounts of money that investors are now beginning to question whether they’re going to see Returns on that it’s sort of a post deep seek response which is good for the rest of the market because maybe investors can now find other things to buy and you know Scott talked about diversification and I think if the market loses those top seven stocks and just to quantify the top 10 stocks make up almost 40% of the S&P 500 for comparison in the previous Peak uh 25
years ago of the tech peak in March 2000 the top 10 stocks made up about 27% of the index so I think that’s why International stocks have started to outperform investors are looking to small midcap uh so there is not necessarily A broadening but a shifting of attention away from those most important stocks sort of losing the Valentine and trying to find a new love yeah they’re going to have to find a new Love and especially around the electric vehicles or the Teslas we talked about 30% down from its December highs I mean
you know when you think about the tax credit on the electric vehicles and the 7,500 that you know our our viewers can get back if they bought a Tesla in 2024 that’s up for air that’s up for grabs and so that that also is causing people to really question if they want to buy another Tesla in in their car um but let’s move on to another great topic from the week um you know this is really the Dei the diversity equity and inclusion is this dying in our government in our corporate industry today we’re seeing large companies
pulling back from investors complaining about money being spent on diversity programs we just saw Goldman Sachs pull back in this area president Trump signed an executive order which for many things ask federal agencies to identify public companies that are working towards Dei pro programs and potentially Prosecuting them um Disney’s this week also started pulling back but there are companies that are standing behind their Dei programs like the NFL for example just came out Apple Microsoft I know that uh
Costco is another one um but you know what do we think about this take on Dei and how should investors be thinking about this in their portfolio Joe you know Terry I was at Goldman as a partner there uh right after black lives matter really put di at the front and center it was already a movement that was happening as an undercurrent but it really really magnified after black lives matter and I actually was on the divers the de committee for the wealth group and there was absolutely every intention of figuring out how to make it
more inclusive that was the initial was really about listening to what people that were having experiences in America that were different than other people and hearing that that’s what the original intent was it then turned into action and without getting into politics and which side of the aisle you’re in there’s even been challenges now about the legality of how much differentiation is happening within Corporate America I can tell you what I saw happen certainly at Goldman Sachs is that they realized
that they had to create a equal balance field and that they had done a lot of work already to promote different groups but I think what changed in the last few months is that the legal system is now saying you cannot apply these kinds of standards and so certainly with Goldman’s most recent move and I’m not speaking as an Insider here just as a public reader now not and an investor that they now no longer require that you have to have a minority representation in order to have an IPO on the the board
it used to be yet to have at least one member from a diverse group on the board they’ve removed that and I think that is as well as not great policy on their part that they’ve decided to amend for whatever reason it’s also true that they’re not sure about the legality I think that’s the main reason is that the the courts have said you cannot you cannot apply a filter um and so I think what you’re seeing now is everyone sort of calibrating without wanting to not include and Elevate all the people on
their team and so I think we’re in this very messy middle right now and clearly the president has a very strong view on this again regardless of what your opinion is but the courts are also questioning how far can you take it and certainly I was speaking to the dean of the business school at UC Berkeley my alma M uh just last week and she was saying they have no filters at all and if you see Berkeley one of the most Progressive colleges in the world cannot apply any diversity filter then it’s interesting I can tell you interestingly
they do apply an income filter so I don’t know if that’s even going to be permitted but for now even the most liberal schools are realizing that they cannot apply some of the filters they might prefer to have in place you know thinking about Berkeley I’ve run the Berkeley Marathon probably 10 times in my life here and it is one of the most beautiful schools that I’ve been but you like you said also one of the most liberal schools as well um you know I want to just talk about our next big topic and for me I’m kind of excited
about this topic because I think it unites all of Americans and that’s our tax time April 15 2025 is our tax Commitment Day our tax day and you know sometimes people think taxes are stressful but the IRS is really trying to make a lot of changes to improve the overall EXP experience hopefully it won’t take as long there won’t be as much fraud and so on so there’s a lot to talk about for 2025 and we we wanted our viewers to hear this early in February so everyone’s ready um you know to actually apply by April of this year but
um the first question we have and I want to talk to the group about this you know every year there’s opportunity for higher contribution limits for 401ks raas Roth IRAs which are after tax 403bs 457 plans all of those out there designed to help us achieve our retirement goals and so what are the changes going on so I wanted to talk a little bit about this and I’d invite you guys in but you know the the fural limits are have been increased uh $23,500 that’s an extra $500 and if you’re 50 year older watching this you
can add another uh 7,500 so you can actually save almost $30,000 in one of your 401ks or your 403bs um and there’s a special catchup if you’re 60 year older so for those of you are listening there’s another $1,000 that you can actually contribute so the the traditional and Roth IRAs the contribution stays the same at 7,000 but if you’re 50 or older again it’s another $1,000 so there’s a lot of opportunity to save you know Scott I wanted to ask you how are you working with clients to really take advantage of these tax
saving opportunities yeah so we we run a lot of qualified plans so you know cash balance plans for our clients who own businesses who want to put a lot of money away um of course 401K plans profit sharing plans we’re always very careful to see how efficient the plan is but as you were talking Terry made me think of something so the limits have all gone up and that’s a good thing for most of us right who feel like yeah I can put some more money away pre-tax save tax dollars this year from a planner standpoint
though long term one of the things we spent a lot of time looking at is where are we really saving our money so the one trap that some people fall into is particularly people are a little wealthier is that they’re incouraged by these higher limits they throw more and more money into their qualified plans and what they find is in retirement they might not be in a significantly lower tax bracket right so you know the qualified plan and taking the deduction works great assuming that you’re in a lower tax bracket because remember when
I take the money out of that retirement plan ultimately I’m paying ordinary income taxes on all of it not capital gains so what we spend a lot of time in our practice looking at is longterm plan you know where are you going to be ultimately you might be collecting a pension Social Security you might have a large portfolio that’s throwing off income and dividends so we want to make sure that uh we’re not encouraging people to put more money into qualifi plans where they’re going to have more money that’s going to ultimately be
taxable Scott I I want to just highlight this one because this is one of the blind spots I hear incessantly because the media tells everybody save as much as you can in your retirement plan and if if you are a medium or lwi income person that is true but if you’re a high income individual if you have millions of dollars and your income you’re generating income from your portfolio even if you don’t have a pension plan and you’re generating dividends and you’re generating distributions and bond yield payments it’s easy to get into the
higher tax bracket and then you don’t benefit from if you took that same money and invest it and it grew and you paid capital gains at the end or invested it in municipals you might actually not be in a better place in a tax situation and when you die I believe you get taxed a second time because you have an estate tax on top of it potentially and so it is true it’s a it’s a great savings vehicle if you’re accumulating savings but if you already have a lot of savings the answer is not always Max it out and
and Joe to your point I had a conversation with a client a couple days ago and we were looking at where all their assets were a new client actually and we’re and we’re flip-flopping their assets they had a bunch of equities in Ira accounts okay and he’s an older guy and mostly fixed income and treasuries in their non-qualified accounts and and what I tried to what I helped him understand the reason why he’s doing business with me is he’s not likely going to spend this money so growing all this money in his IRA account not only
is it taxable he would have got a stepped up basis in his personal account on I ities ultimately he passes that he leaves to his kids there be zero taxes as he accumulates all these equities and all this growth in his IRA account over all this time his kids are going to pay ordinary income taxes and all that growth when it comes out so yeah I would say great that we can put more money away for some people it’s going to be an excellent opportunity for other people they should be a little more thoughtful
about you know where are we accumulating our money and what assets are we getting where sometimes you could have too much money in your IA accounts and Terry obviously one of the biggest questions this year is what’s going to happen with the tax the original tax plan that that Trump had uh put in several years ago it expires this year so that’s right and it’s not just for a states that it could be a massive impact because we’re today at I think it’s 24 25 million you can pass on I think it reverts back if it
doesn’t get extended to like two or three million doar yeah it goes backwards it’s really this is such an important topic for everyone because in 2017 president Trump put in a number of different tax changes to really lower taxes on income as well as state planning and he did that for a couple different ways he did higher standard deductions which makes filing taxes even easier and you can actually keep a larger portion of your income shielded from tax he also improved the qualified income business deductions that made it
easier for businesses now to qualify up to 20% of their qualified income to reduce taxes and then as you mentioned Joe the estate and gift tax changes have changed considerably and really it roughly doubled the exemp exemption say that 10 times fast the exemption amount for estate and gift tax and those were decided to be permanent but if this doesn’t happen there will be a significant change to what people can leave from a wealth transfer standpoint and you know Joe this is actually true and dear to me with my family my parents
my my dad is 88 my mother is 84 I help them build their estate plan their wills and you know this has been since 2017 and so I’m working with them I was just home last weekend looking over their files making sure we’re still current but helping them understand if president Trump doesn’t change this tax exemption for estate planning we got to go backwards and do it all over again so they’re not very happy about that so I’m hoping that President Trump will continue these he says he has but you know everyone all of our viewers need to
be very aware of this because they are set to expire at the end of 2025 and if Congress doesn’t act to extend that you know everyone should go see their attorney as well as their certified financial planner in their life their advisor so they can make sure they’ve got their tax bills set up but you know 2025 right now this year is a good year it’s lower tax rates higher standard deductions um really more deductions for pass through business income and really a reformed AMT if you recall the AMT tax
there’s less people with the burden of AMT tax so we’ll see what happens by the end of the year but start thinking about this now as you think about your future in taxes one of the things on that note um we do have this large credit right now um and that exemption can be used either after you die or before so look I I’m pretty confident that they’re going to to extend these taxes uh these tax rates I should say in fact I talked to my trust in estate’s attorney who’s a pretty uh smart guy who talks to a lot
of folks uh in their world a lot of people think they’re actually going to extend that credit to an even larger number but one thing you can do in 2025 if you’re not so confident uh you can give that money into trust there’s certainly trust out there where you can control your money remove it from your state now so that if the credit does go back to those historically lower numbers you’ve gotten the money out of your state and if the you know as if the exemption amount goes up you can do a little more planning later but people
still do have time to do some planning if they’re not you know confident about that yeah I think that’s a great Point either before or after but have a plan right I think that’s the most important piece and um just one more thing on taxes because I I can’t give this up you guys I just think this is so fun but you know just a little trivia for you on average fing like the cfp chair you are as the chair of the cfps around the world you need to say that yeah well the IRS is really trying to improve the
overall experience they’ve actually invested a lot of money in their direct file program because today the average American today spends 13 hours and $290 to file their taxes and so you know they can actually reduce that amount through electronic filing and in last year only 12 States qualified for the direct file which is a much easier process with fewer fewer mistakes and now it’s 25 States so they’ve doubled the number of states that direct file is available to and I highly encourage our viewers to check that out because you’ll
get faster service and you’ll get quicker response times if you use that and just so you know most of the time if you’re getting a payment if you’re getting a tax refund if you direct file you’ll get that within 21 days so you know nobody really likes to work on their taxes but if you get money back in 21 days maybe you can go on a spring vacation or a summer vacation uh just you can go to the grocery store and buy eggs that’s right that’s right oh good all right so let’s go on um now we’re gonna move on to the three big
stories to watch for the coming week you know Peter there’s a lot of housing data that’s coming out this week housing starts Builder confidence and permits existing home sales what are you look looking for here it’s actually as you mentioned those numbers but it’s it’s somewhat of a break from a heavy uh data week this week with the inflation stats the week before with jobs data and uh other uh sentiment surveys uh so I think it’s going to be uh more of a focus on continuation with fourth quarter
earnings and everyone on their toes when it comes to uh any details with respect to uh tariffs because that’s been an ongoing attention uh GA every week and what that means in terms of flow through in terms of corporate earnings and and and and impacts on overseas economies um but it’s going to be at least a a step down in terms of news flow which I think uh the market would welcome I also think you know it’s been a big earnings we’ve been on the peak of earnings I think we start to get a little bit more tranquil here and uh and
hopefully start getting some good economic growth in the mix and again we’ll always be out looking out to see what the president does next hopefully it’ll be quiet on Monday so we can all enjoy a nice vacation well he should take a day off don’t you think on President I think so you know we should ring the White House and say hey buddy deserve a day play some golf on Monday yeah there you go um then we can all hey I just remember the last presidency it was like the media would go on and on about how many hours he was watching TV
and now it’s amazing like it’s a Turn Style of Business Leaders that are going through the white house right now like we just had the COO Verizon go through it is every day there’s a new CEO coming in it’s very clear the White House is open for business it’s very clear that this is a we want to hear and do things and they’re not resting and talking like I don’t recall in my 37 years as an American more movement in the first month of a presidency ever it’s almost maybe because we’ve never had a cycle
where presidents come in left and had the opportunity to come back in and say well this is what I’m doing differently but I think we were nine months before he had his whole cabinet and he’s basically done and it’s five weeks in not even so I look however you feel about it there’s no question there’s a new sheriff in town yeah his endurance is pretty Spectacular from everything I but we are going to see the FED minutes this week do you guys anticipate any surprises I think the FED is much less relevant to be honest uh we we hear a
lot of speeches after the meetings we just heard from J Powell so I don’t think it’s going to be much uh of an information provider the FED is on hold right now the inflation statistics confirm that uh and they’re just in wait and see mode I kind of imagine what would need to be true for them to lift it I also can’t imagine what need to be true for them to drop it so right now the reality is we’re I think in a Tipping Point between inflation and recession and they’re just sitting tight they’ve got a lot of Po in either
direction the good news is if we get end up seeing the economy s to really slow they got a lot of drops they can make to create liquidity and if the opposite happens we’re already fairly High rates the long-term rate will automatically adjust up it happens very quickly fet I’ve noticed the swings we’re seeing on the tenure or automatically doing the job that the FED needs to do fairly consistently like we’re seeing these 30 and 40 base Point swings in the course of a couple days so I think the market
is kind of trying to figure out where this new equilibrium is anyway yeah agree the the bond market is taking control of monetary policy and then the initial jobless claims will be out this week and how does that tie into inflation I think that’s I think I think Peter we both agree that is the number like like the truth is employment is what’s going to drive the FED uh because it speaks to the recession and it speaks to inflation right now Peter mentioned it already people’s pay even with the increases are not keeping up with what’s
happening with inflation and so the question is do people keep getting jobs it’s been sort of squishy employment reports lately does that continue and if not then there’ll be the if the employment reports are good the fed’s really not going to do anything for for a long time so to me that that’s the area in the cine for me is the the employment reports and what’s happening with pay well I’m looking forward to hearing what we have to say about that next week but I want to wrap up today thank you so much Peter Scott and Joe
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