BIT FURTHER TO BRING IN SOME
AND HYMAN WHO IS THE GLOBAL
INVESTMENT STRATEGIST AT PRO
SHARES SYRIAN GREAT TO HAVE YOU
HERE WITH
US TODAY. FIRST UP FED CHAIR
JEROME POWELL TREASURY
SECRETARY JANET YELLEN
TESTIFIED TO CONGRESS WHAT DO
YOU EXPECT THE 2 TO SAY AND
DELIVER TO CONGRESS.
>> WELL FIRST WE HAVE THE DEBT
CEILING ISSUE SO I THINK
THERE'S GOING TO BE A LITTLE
BIT OF A STERN CONVERSATION
ABOUT THAT TO MAKE SURE
OUR LAWMAKERS TAKE THAT
SERIOUSLY BUT THEN THEY'LL ALSO
BE SOME FEEDBACK ON THE GENERAL
ECONOMY, I'M NOT SO SURE THAT
CHAIRMAN POWELL IS GOING TO
MOVE SO FAR FROM HIS TRANSITORY
LANGUAGE THOUGH FOR SURE THE
FED MEETING
LAST WEEK. YOU INDICATED THAT
TAPERING IS COMING A LITTLE
SOONER RATHER THAN LATER AND
THAT THE KEY INGREDIENT IN
DRIVING THOSE. THOSE YIELD
ACROSS THE YIELD CURVE UP
SHARPLY OVER THE LAST WEEK.
>> IT SEEMS THE DEBT CEILING
FRONT THERE'S ALWAYS THIS
CONVERSATION ABOUT THE KICKING
OF THE CAN DOWN THE ROAD, YOU
KNOW HOW MUCH
OF THIS WAS TO BE EXPECTED AT
THIS POINT IN TIME AND THEN
ALSO WHAT DO YOU EXPECT FED
CHAIR JEROME POWELL TO SAY IF
THERE IS NOT
SOME TYPE OF AGREEMENT THAT IS
MET SWIFTLY WHAT TYPE OF
BROADER ECONOMIC IMPACT THAT
MIGHT HAVE.
>> THAT I DON'T
THINK ANYBODY IN THE CERTAINLY
THE MARKETS DON'T REFLECT MUCH
OF THE CONCERN OVER THE DEBT
CEO OVER THE DEBT CEILING AS A
REAL RISK IS IS FOR THE MOST
PART A POLITICAL PLOY THAT THE
REPUBLICANS WANT TO PUT THIS ON
THE DEMOCRATS PLAYED FOR A FOR
A TALKING
POINT BUT.
>> I THINK THE ODDS OF ANYTHING
REALLY DAMAGING
HAPPENING WITH.
>> RESPECT TO THE DEBT CEILING
OR ARE EXTREMELY LOW AT THIS
BUT THE BUT THE RHETORIC WILL
BE THERE. JUST SO PEOPLE
REMEMBER THEY CAN'T REALLY MESS
AROUND WITH IT ABSOLUTELY
AND THEN.
>> ADDITIONALLY HERE AS WE'RE
KEEPING TABS ON THE MAJOR
AVERAGES COMING INTO THE START
OF TRADING HERE ON THE DAY YOU
KNOW JUST AS WE KIND OF TAKE
OUT 1000 OR EVEN LARGER
FOR YOU OF HOW WE'RE SEEING
TECH STOCKS IMPACTED BECAUSE OF
SOME OF THE THE
INFLATIONARY AND THE YIELD BOND
AS WELL HELP US CONTINUE TO
BREAK THAT DOWN THE
SIGNIFICANCE OF THE CORRELATION
OF THE 2.
>> ALL WE DO INCREASES IN
INFLATION AND NOT WITHSTANDING
THE TRANSITORY LANGUAGE THERE
ARE SOME INDICATIONS THAT
THERE'S SOME STUFF THAT'S A
LITTLE STICKIER IF YOU LOOK AT
THE LAST LABOR REPORTERS
EXAMPLE WAGES ARE ON
THE INCOME PRIEST AND THAT'S
EXACTLY THE KIND OF THING
THAT'S A LITTLE STICKIER THAN
SOME OF THE SUPPLY
CHAIN ISSUES. NOW I DON'T THINK
ANYBODY INCLUDING US THERE ARE
EXPECTING ANYTHING THAT LOOKS
LIKE STAGFLATION A
NORMALIZATION
OF INFLATION AND INTEREST RATES
ARE PUTTING PRESSURE ON TECH
STOCKS, YOU KNOW FOLKS SEE THEM
AS THE LONGER DURATION PLAY.
BUT INTERESTING LEIGH STOCKS
ARE NOT DEFENSELESS LIKE BONDS
THEY AND THAT IS AN IMPORTANT
INGREDIENT HERE. IF YOU LOOK
JUST OVER THE LAST WEEK, ONE OF
THE BEST WAYS THAT STOCKS CAN
THAT THEN THEMSELVES FROM FROM
INFLATION AND RISING INTEREST
RATES OR BY INCREASING THEIR
DIVIDENDS AND THE TECH SECTOR
ACTUALLY HAS
QUIETLY BEEN INCREASING ITS
DIVIDENDS OVER THE LAST NUMBER
OF YEARS IN
FACT IT'S EITHER NUMBER ONE OR
A CLOSE NUMBER 2 DEPENDING ON
THE DAY IN TERMS OF THE
CONTRIBUTION THAT DIDN'T SEE
THE S AND P 500. BUT IF YOU
LOOK AS
AN EXAMPLE AND A BASKET OF TECH
STOCKS THAT HAVE CONSISTENT WE
GROW
THEIR DIVIDENDS LIKE S AND
P TECHNOLOGY DIVIDEND
ARISTOCRATS WE THE ETF TICKER
TD THEY'RE ACTUALLY OF 2% SINCE
THAT THAT MEETING EVEN THOUGH
THE NASDAQ IS FLAT. SO THERE
WILL BE SOME WINNERS AND LOSERS
WITH INFLATION MARY PRESSURES
ON THE EQUITY MARKETS. BUT IF
YOU LOOK AT THOSE CONSISTENT
DIVIDEND GROWERS HAVE THAT
DEFENSE AGAINST INFLATION AND
RISING RATES AND THAT CAN BE AN
IMPORTANT DEATH
IMPORTANT CONSIDERATION.
>> THE SYRIAN JUST LAST HOUR WE
HAVE YOU AS WELL YOU MENTION
THE SUPPLY CHAIN AND
PARTICULARLY WE KEEP HEARING
ABOUT GLOBAL SUPPLY CHAIN
ISSUES
NOW A BACKLOG OF CONTAINER
SHIPS OF CALIFORNIA FOR
AMERICANS TO BUSIEST PORTS AND
SO THE SIGNIFICANCE OF THAT HOW
THEY HOW DO YOU FORESEE THIS
BACKLOG PLAYING INTO FOR THE
SUPPLY CHAIN ISSUES, ESPECIALLY
AS WE DO KNOW THAT THIS IS THE
TIME OF YEAR WHERE MANY OF THE
RETAILERS WOULD BE
LEANING INTO SOME OF THEIR
STRATEGIES AHEAD OF THE HOLIDAY
SEASON
MAKING SURE THAT ALL OF THEIR
INVENTORY WERE WAS IN THE
CORRECT PLACES AN ORDER TO MEET
THAT DEMAND OVER THE NEXT
COMING MONTHS.
>> IS THAT THE BACKLOG IS NOT
OUT WEST, IT'S ALSO IN NEW YORK
NEW JERSEY AREA AS WELL AND IF
YOU WANT A FORMAL MEASURE OF
WHAT'S GOING ON IN IN THE
SHIPPING LAND YOU CAN LOOK AT
THE BALTIC
DRY INDEX WHICH IS SKYROCKETED
SINCE LAST YEAR NOW FOR A
LITTLE BIT OF CONTEXT. IT'S NOW
A RED AND ITS LONG-TERM
AVERAGE.
BUT THAT'S WHILE THE ELEVATED
FROM LAST YEAR SO THE PRESSURE
IS REAL, BUT I DO THINK IT GOES
INTO THIS
TRANSITORY CAMP FOR A COUPLE OF
EXAMPLES WE JUST HAD THE
DURABLE GOODS ORDERS REPORT
YESTERDAY WHICH WAS QUITE
STRONG WE SO RETAIL SALES IN
THE LAST READING YEAR-OVER-YEAR
UP AROUND
13%. SO I THINK THAT THE ODDS
OF
REAL ECONOMIC DAMAGE HERE ARE
BUT IT WILL PUT A LITTLE BIT
AND NEAR PRESSURE ON PRICES BUT
I DO THINK THIS IS ONE THAT