Welcome to overtime everybody. I'm Scott Wapney. You just heard the bells. We of course right here

post and I just getting started in just a little bit. I'll be joined by half times Josh Brown. Trivaria to Adam Parker on this very and what they could mean for big businesses everywhere.

Did that report stop the bear market bounce before it even really got started?

Let's ask Scott Minard, he is the global CIO for Guggenheim Partners.

He is with us today by phone in a C. I. I.O. For Guggenheim Partners, he is with us by phone in a

C. exclusive. Thank you so much Scott for being with us. My first question to

you would be your initial reaction to this sell-off today.

Uh, you know, Scott, I'm a little bit taken back with it because, you know, I thought we were in the

midst of a bare market bounce and we know those can be pretty vicious to the upside, but know it is continuing the narrative that you know I

believe is unfolding which is that given the aggressive posture of the

Federal Reserve you know we're going to be meaningfully lower this year in stocks

before we find a bottom because the Fed has made it clear that they do not have a put on the stock market.

Well, they may have a put on the bond market which hasn't given it a reason to

re-engage the put. I suppose, look, you have a new note out today and it's the impetus for

us to have you on where you discuss possible collision that collision being

between the cooling economy and a very aggressive fed tightening as you as you just said.

Trying to avoid this collision really is the ultimate goal, can we?

I don't think so and I'll tell you why I really believe that the Fed thinks that the

neutral rate is much higher than it is and of course the neutral rate is the

you know the perfect nirvana, short-term rate.

And if you look at the research we've done, we would expect the neutral rate to be coming

down pretty aggressively over the course of the summer.

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