The Fed Typing and the Equity Market Predicting Recessions

We've had a big debate internally, not just among our own colleagues in the investment strategy group, but also with David Kosten, who's our chief US equity strategist. And we actually say it was a combination and we have to attribute the decline to both factors. Obviously, we've never had quite this speed and magnitude since the late 70s, early 80s. But our view is it's not a given that we're definitely going to have a recession. The same panel though, had Larry Summers and he takes a very different perspective. I can't wait to figure out who's right or who's wrong on that one.