My name is James Ford and I'm joined today by fellow essay contributor Mike Zakardi.

Mike thanks for coming on.

Thank you James for to be here.

A lot of people are looking at this recent rallies in stocks calling it the

S&P5 since you have those five companies pretty much leading a lot of the

gains now. We had a reasonably strong economic data coming out and one of the things that

I've seen we've seen a substantial repricing in the kind of fed futures and the idea that the next fed meeting could give us another rate hike

Any thoughts on that? Yeah, that's exactly on point.

So we look at economic surprises.

Really, around the world, we see the United States Economic

Surprise index really ticking up.

You know, China's definitely turned lower. We've had someone

settling inflation data over in Europe and even Germany is now confirmed to have

two quarters of negative GDP growth. So US has kind of returned to the leading economic player

at least relative to surprises in the last several weeks.

And that's blood into the

CME Fed Fund futures market where we see it looks like more likely than not

another quarter point rate rise at the June 14th meeting. And you know right now following the

dead sealing stuff it looks like that could be it but I expect I think we'll get that

quarterpoint hike on June 14 and you know maybe that's it either way though we shouldn't have too much change in the Fed Fund's rate

during the back half the year market pricing is thinking you know maybe December or January in terms of the first cut but you know you got to

look at the Fed Funds futures market with a little bit of nuance because it's not as if the

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