Days Of Thunder & A Conversation With BMO’s Brian Belski

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6 • 757 Ratings

🗓️ 17 March 2023

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

Vinny Daniel joins Guy Adami and Danny Moses for this week’s On The Tape. Will Jerome Powell have the… nerve… to keep raising rates (1:00)? The warning signs were there for Silicon Valley Bank and the “stress tests” failed (6:00). Guy finally watched The Big Short and the differences between the GFC and today (15:00). What’s the next step for financial regulators and lawmakers (21:00)? Bond volatility could be a canary in the coalmine for future troubles in the equity market (29:00). Is now the time to get into the energy sector (32:40)? Brian Belski is the Chief Investment Strategist at BMO Capital Markets. Brian walks us through his background and how it is impacting his current outlook on the market (38:30). What financials will lead going into the next market (48:30)? Brian makes the case that the next recession will be mild (56:00). Brian makes a bullish case for the communications sector (1:02:30). How is Brian navigating geopolitical risk and is he buying gold along with Guy & Danny (1:07:30)? Check out our show notes here ---- See what adding futures can do for you at cmegroup.com/onthetape. ---- Shoot us an email at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod. We’re on social: Follow Dan Nathan @RiskReversal on Twitter Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page

Transcript

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0:00.0	Typically, I start these podcasts. I waltz my way into a classic rock lyric, which leads us to our title.
0:10.2	Today, I'm going to do something a bit different. By the way, you are listening to the On the Tape
0:14.7	podcast. I am Guy Adami, typically joined by Dan Nathan, always joined by Danny Moses.
0:23.5	However, we have the great Vinnie Daniel with us, which is amazing given what's transpired over the last couple weeks. So Vinnie,
0:30.4	welcome, but give me a minute here to sort of set this up. In 1990, Danny, and we talked about
0:36.0	this earlier in the week. Great movie with Tom Cruise.
0:39.5	I think it's a great movie. Tom Cruise came out. Name of the movie, of course, Days of Thunder.
0:44.6	Robert Duval was in that movie as well. I would watch Robert Duval read the phone book.
0:49.4	But in that movie, one Rowdy Burns, who was played by Michael Rooker, was in a race. And Michael Rooker,
0:57.8	Rowdy Burns, was talking to his pit crew, talking about a move Tom Cruise was going to make.
1:03.0	Tom Cruise, of course, called Trickle. And as they were approaching a turn in the racetrack,
1:10.2	Rowdy Burns said to his pit crew, the boy doesn't have the balls to pass me on the outside.
1:16.3	And you know what? He was probably right. Of course, what wound up happening, Tom Cruise did have the balls to pass him on the outside.
1:23.3	And Cruz went on to win the race. So here's my analogy of what's going on right now.
1:28.7	The market is Rowdy Burns.
1:31.3	And the market is saying Jerome Powell doesn't have the balls to hike rates next week, given what's transpired.
1:39.7	I would submit Jerome Powell is going to play the part of Tom Cruise and we'll have the balls,
1:46.2	the temerity to raise rates next week. And the market is not prepared. Vinny thoughts on that.
1:52.0	I agree with you. And I'll just rephrase your statement just a little bit. I think Powell
1:58.6	wants to raise rates, but has to make sure that the banking system that
2:06.0	Danny and I knew a little something about is copacetic before he can do it. And so as a result,
2:14.2	we sort of have to create a significant amount of band-aids of which we're
	...

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