The crowd is here clearly to see Danny Moses and Jim Channos.

Definitely not me and Dan, but thanks for joining us everyone.

Dan and I do a show each day at 1 o'clock, we call it Market Call.

So this is a special edition of Market Call with Danny Moses and Jim Channis.

So thank you, and we'll get right into it, Jim.

The macro backdrop, I mean, given everything we've seen, given where rates were, where rates

are now, I just had a panel with Mike Novagrats, who's Mike and I, and we talked about,

this is one of the more confusing backdrops we've seen, and I say that because if you're

bullish, there's something for you, if you're bearish, there's clearly something for you. And the market's sort of trying

to figure it all out right in front of our eyes. What are your thoughts just sort of on the

macro level? I might take a little issue with the markets trying to sort it all out, or the

market's confused. I think the market is pretty excited. I mean, I said last night, Nirvana. And if you think about it,

the market is priced in based on forward-looking stuff. The reality that Goldilocks is pretty

much a certainty, right? I mean, earnings are supposed to be up 12% this year in the S&P.

Forward look on inflation is between 2 and 3%.

And the market is assuming the Fed's going to be easing at some point within the next year.

That's all pretty, you know, I think that's all pretty bullish.

Now, whether it's right or not correct, it remains to be seen.

Marco Kalanavik from JP Morgan, he's actually said that at current levels, Jim,

the market is pricing in this sort of soft landing goalie-lock scenario.

It sounds like if I'm listening to you, you'd think it's a bit of a pipe dream here.

Well, I mean, I think it's going to be, it might be difficult for all three of those things to happen, and none of them might happen.

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