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This much is it much -- -- love.
Charlie this -- man is it treasure trove of information Bob all orders that here at a fixed income -- -- taxable at a municipal bond management.
And the chief economist Jack Davis is right next about it's great that they.
Speaking of getting answers.
That you were asking your high net worth clients.
Four questions to answer.
Number one was where's the economy.
And what are you gonna tell them tell us -- well -- audience what we tell.
More fixed income team in terms of probability of a slowdown we're -- me right now probability of some of double this.
About 13 which is somewhat elevated given where we are in the business cycle but it.
That set the lines holding we have proprietary indicators on which -- could see in the back of -- my shoulder and they're holding up so I think -- we have some volatility ahead but growth should hold up.
Unless -- get some sort of profound shock for the system is it would it do you worry the shop would come from Washington.
That would be one and -- be one you were closely watching both Washington perspective tax policy also the offense and -- I mean cleanup their close monitoring or watching both Spanoulis -- -- -- road profound shock.
We should have a more gradual recovery which is something we've -- clients for two -- three years.
-- what what about though the state and local governments and Harrisburg -- from where we're standing right now.
And did they -- of that hold on of the problems that you're seeing in terms of finances.
It but there isn't this state and local governments are really retrenching and what an economic impact does that have both short term add but long term may be good -- totally agree I mean short term -- -- be -- drag and we're talking about restructuring we've seen it profoundly in the private sector.
But when the reasons -- -- -- such -- highly complementary to coming job losses.
The stable governments are just starting down that process -- down that road that will be some time some headwinds from that when the reasons why.
But expect a more modest gradual recovery.
But that's -- it's a long term -- much like we've seen restructuring -- consumer -- and private sectors.
-- won a silver linings of this crisis then increase to be seen savings rate among Americans and I think it is similar now if you will will play out amongst it will welcome.
It was on something.
Broached earlier and in the 11 o'clock hour -- How much do you worry that we -- -- -- and saving -- very much like Japan where did.
That people gets they've been shocked so much in the last ten years.
For me in any number of ways that they just say I'm just not willing to take risking more now why I think it's -- that -- from where we worked where we've come to date so we went from the factories your percent savings rate around 6%.
And the Fed of course is trying to fight that to go any higher I think.
Comparisons with basically making it up and you're live sacrificial land for savers and -- -- -- difficult position but I think in the long run some positive for -- country I think is when the clear.
Silver lining -- its financial crisis because.
To go actually go back to where we were before the crisis action that would be a bad news story long -- come on.
-- optimistic on the future in part because -- profound change we've seen in American consumer.
Behavior in terms of your clients inflation is still a major concern that the focus they certainly.
We're working on investment house here way that we can continue to to talk with clients about potential -- for the future inflation protection is much more.
On investors' minds today -- they were -- five or ten years I think it's a good thing.
Or inflation -- potentially down the -- and so we're having.
Very clear conversation with clients in terms of stock bond and balanced portfolios and and and thinking through that in terms of potential higher inflation well.
-- thank you thank you for being.
Thanks for having us.
Our pleasure and I did enjoy my day better than I would have -- -- spent with you Brian no -- I cannot be offended by that.
But everybody out there we don't you don't manage one and a half trillion dollars you know managed -- -- -- -- out -- one dollar -- They get McDowell good stuff and we'll see you Monday --
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