I'm Dear Dobosa, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m.

Eastern. Listen in. Good Tuesday morning. Welcome to Tech Check. I'm Carl Cantonia with John Ford and

Dear Dobosa. You have been listening to the Fed Chair. Jerome Powell's confirmation hearing on

the Hill today. We're going to get back to it in just a moment. But in the meantime, watching the

market's not a lot incremental in his Q&A, talking about the prospect of rates rising, balance sheet, normalization, and runoff sometime this year.

Meanwhile, tech stocks have been rocked by inflation, as you know, rising rates, the comments from the Fed.

Here to help us break things down this morning, Wedgwood partner, CIO,

David Rolf. David, good to have you. Help us synthesize what Powell's been saying. Anything here that you think moves the needle in the tech playbook? Probably not over the next couple of

trading days, but again, longer term, and we've written about this quite a bit of late to our clients,

we described the box that the Fed has created as their own Hotel, California.

You can get into QE, but you can't get out.

And I think it's going to be a very volatile year for the stock market, particularly for the tech

sector. We actually

welcome it. Some of our biggest holdings like Apple and Google and Facebook, they're buying back a

lot of shares these days. And we would like for them to do that at lower prices. But the feds,

in our opinion, the fed's in a real tough spot right here.

Interesting.

So obviously you see the pretty well telegraphed by now threat to tech from policy withdrawal.

Interesting.

There were some Fed comments this morning that the labor shortage that the Fed chair has been talking about is going to drive tech investment. How valid is that,

do you think? I haven't given a lot of thought. It seems the tech companies that dominate their

space on their employment front, they seem to be managing it pretty well. That hasn't come into

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