The Fed's Tightening Position in a Hard Landing Environment

The Fed has to see core inflation declining significantly for several months in a row before they can have any confidence it's headed back towards two. The Treasury needs to refill its coffers once the, you know, debt limit is increased and may have tons of new debt to sell. It's hard to get excited about bonds. If stocks don't, if we're going into heartlanding, earnings are going to decline significantly than we've seen. That's not good for the stock market. And so I think you have to look at opportunities to buy the dip in commodity focused areas.