Hi, everyone. Welcome to the real vision daily briefing. It is Thursday, April 21, 2022.

I'm Maggie Lake here with Jim Bianco, president and founder of Bianco Research. Hi, Jim. How are you?

I'm doing great, man. Better than the stock markets. I was just going to say both of us are doing

better than the markets. What a hot mess today. I mean, really kind of falling apart here at the

end of the day if you're looking at equities. And we were just sort of chatting as we came to

air. This isn't less than equity story. It's really it seems a bond story. You know, first of all,

let's just go through the numbers for those who who maybe you're not staring at your screen.

We saw yields moving up again the 10 year at last check in the two nine hands. I don't think we

did breach above three. But if not, we got awfully close. The federal reserve chairman,

Jay Powell speaking live today just a couple hours ago saying that essentially a 50 basis point hike

certainly on the table in May, which I think most people think, but then also kind of adding some color

right saying the Fred Fed should sort of front load whatever policy changes were needed. We saw a big

market reaction after that. More pressure on bonds. Stocks did a big U-turn. There was a rally

in the beginning of the day, you know, looking at earnings and some better than expected earnings,

but that just fell apart at the end here. You know, when we when we look across the markets, Jim,

you know, what do you make of the action we saw today?

Yeah, you know, it is a disappointing day because it was only five hours ago that we were all

excited about the Tesla earnings and the airlines that we're talking about. Everybody's going to

go out and buy an airline ticket and the economy's going to reopen to have such a big reversal on

good news is really it's almost a bigger surprise what happened today than you could argue what

happened yesterday because yesterday we were coming off the bad, the back of the bad news from

Netflix and the market rallied on that and today it went down even more on the good news that

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