Welcome to the weekend fight presented by Wallstream Breakfast.

I'm Leslie Osman and we could use someone to help read the markets.

Joining us today is Michael Kramer, creator of Reading the Markets Podcast

and the founder of Mot Capital Management out of New York.

Thanks for joining us, Michael.

Hi, thanks for having me.

No surprise with the 75 basis point Fed hike, but with the market, the S&P 500 closing at new lows this week and the continued

strengthening of the US dollar. Has inflation peaked and what do you make of interest rates

going parabolic over the last year and even more so this past month?

So you know it's tricky because inflation from the headline standpoint of CPI and the numbers that we sort of typically associate with may have very well peaked.

I mean, the question is obviously is not if they peaked, but how quickly will it take for them to come down?

And is the type of inflation we're seeing more on a core level really sticky?

And a lot of the metrics out of like the Atlanta Fed and such show that 12-month sticky

CPI is actually at its highest level and is done anything but shown

any sign of beginning to come down.

And, you know, a lot of the, what we've seen in the interest rate market is really related to a couple of different things.

The first thing being that you have the market underpricing where the Fed was ultimately going to go and the it's not so much to

75 basis point rate hike that's driving those rates higher but it's that plot that

indicated that the Fed was likely to raise rates to about 4.6% by the end of 2023.

And the market wasn't anticipating that type of movement.

And so you're seeing the market, especially on the short end of the yield curve really adjust to it.

And I expect that over the next six to 12 months, we're likely to see the two-year

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