T. Rowe Price's Schmidt expects soft landing, finally, to happen soon

Nikolaj Schmidt, chief international economist at T. Rowe Price, says he's expecting a correction soon "but it's not going to be something too deep or too dark or too scary," noting that the economic backdrop remains strong enough that the Federal Reserve can likely finish the year with just one rate cut. Schmid discusses T. Rowe's 2024 Mid-Year Outlook, and notes that he is concerned that with foreign central banks already having cut rates, the Fed's timing is now more critical because it does not want its monetary policy to be too far out of sync with the rest of the world. John Cole Scott of Closed-End Fund Advisors compares two high-yielding offerings from Ares, showing that while both could be viable and attractive options for diversifying a portfolio into the alternative credit space, there's much more to making an investment decision than a big yield. Plus, Karen Brown, a reporter at New England Public Media and the host of "The Secrets We Keep" podcast talks about financial secret-keeping, particularly around the salaries we make and what ending the secrecy might mean for individuals and for society.