Steve Sosnick

[gentle music] Welcome to this week's podcast.

I'm Andrew Wilkinson, your host, and coming to you directly from Greenwich, Connecticut, Interactive Brokers headquarters, where I am joined by Chief Market Analyst, Steve Sosnick.

Welcome, Steve.

How's it going to kick off Monday morning?

We're coming off the back of a negative session on Wall Street, with the Dow dropping around 500 points, crude oil prices spiking, and a multi-year high in bond yields, all threatening to derail the market.

And here to break down the chaos and help us navigate where markets are going next is the Chief Strategist for Interactive Brokers, Steve Sosnick.

Steve, good morning.

How's your day going so far?

And I really think that unfortunately makes them inclined to sit out October because that's literally a week before the midterms.

And so I don't know if they have the stomach for it right now, although the Fed does risk credibility because if Warsh keeps talking about how much of an inflation fighter he is and he doesn't actually do anything to fight inflation, I think that creates problems for interest rates as well.

Yeah, let's see what's in store come the FOMC meeting for September and help us out to get a sense of where things are going has been Steve Sosnick.

He is the Chief Strategist at Interactive Brokers.

We'll get two big inflation data points and the Fed will make its rate decision with close odds on whether we will see a hike.

What will investors want to see to keep this rally going? Joining us now, Stephen Whiting from CIO Group and Steve Sosnick of Interactive Brokers.

Steve and Stephen.

Good to see you.

Bond yields are climbing, oil is staying expensive, and Japan emerges as another pressure point.

So how long can equities keep shrugging this off? And are bonds starting to look a lot more compelling? Well, let's ask Steve Sosnick.

He's Chief Strategist at Interactive Brokers.

Steve, welcome back to the show.

But I think this is a very tricky situation right now because if they do raise rates, the president screams at the Fed chair and that creates problems.

If they don't raise rates, there are gonna be questions about do they have credibility so i'm hoping they i think they're hoping they get the data to be just right not too hot not too cold so that they can wait and credibly wait a couple of months

steve it's always a pleasure to speak with you to get your insights on the latest market movements we look forward to our next chat with you we've been speaking there with steve sosnick his chief strategist at

interactive brokers before making any decisions based on the information in our program Please consult your own financial advisors to take into account your investment objectives, financial situation, and individual needs.

You could see there the Nasdaq down by about a percent, the S&P down by about point six percent.

Joining us to discuss is Interactive Brokers Chief Strategist Steve Sosnick.

Steve, I saw you out of the corner of my eye.

You were kind of nodding your head when Rick was mentioning 5% on the 10-year and touching it briefly.