Welcome everybody to overtime. I'm Scott Walker, you just heard the bells. We are just getting started here at the New York Stock Exchange.

In just a little bit, I'll be joined by Morgan Stanley's Chris Toomey, who runs one of the highest rated private wealth advisory teams in this country.

We begin though with our talk of the tape.

The brutal sell-off in stocks amid signs the economy is weakening while the Fed is aggressively

raising interest rates. What is an investor to do? Let's ask

famed Wharton School professor Jeremy Seagull. He joins us today from

Philadelphia. Professor, it's good to see you. Welcome to overtime. Yeah, I agree with you Scott. This week was brutal.

Today was brutal. Let me tell you, we're in a recession. It's a mild recession. It's not an official recession. It's a mild recession. It's not an official recession by the NBER.

Certainly not yet. But this first half is negative GDP growth and it's ending on a slide.

And you know, just when the Fed is, you know,

the most aggressive because it waited far too long,

it's interesting.

I mean, you know, the data that I found so interesting on Wednesday, I mean more even than the 75 basis points

FOMC was that retail sales data that we got in the morning. Wow, that was shockingly low and momentum downward

and every single indicator we've gotten since then has really surprised pretty dramatically on the downside.

So we're cooling off the economy.

Let's just hope it's not too fast.

You know, you point to a significant issue that we need to discuss and that is the idea of a

Federal Reserve that waited too long and now is acting too much.

And that seems to be where we are in this world, what has unsettled this market

so dramatically, this very issue that because they waited so long, Professor, and they're

doing what is deemed to be too much now they're going to break

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