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This is Karen Moscow.

And I'm Nathan Hager, here to tell you about another podcast.

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Join us now, David Stubbs, global head across asset thematic strategy at JP Morgan Private Bank.

David, good to catch up with you, sir. Let's start here. Can you give me one good reason to be bullish right now?

Well, John, I think if you're going to make the bullish case,

I think you're going to look at the resilience of domestic consumer spending in parts of the Western world.

I think you're also going to look at how much tightening has been priced in,

and indeed expectations of recession broadening across Wall Street.

But I think bullish is not that we're going to see the kind of boom conditions we saw last year.

...