so, yeah, it's a much more important holding to me than bofa bofa, to be honest with you, i equi equivocate do i want to be there or be somewhere else it has been a consistent underperformer for me. >> anastasia >> i agree with what jim has been saying about financials i do think positive catalyst here at this stage of the cycle. what's happening with the enthusiasm, whether you look at manufacturing, look at consumer confidence, financials tend to perform quite well during those periods of time. we have rate cuts still on the table. there's one other thing making me more positive on financials, which is the consumer. if you look at consumer and the delinquency, they have been rising what you hear is more positive commentary on stabilizing and declining as the year goes forward, so that means the provision for the long losses, they may not have to do quite as much going forward and the last point is that pickup in market activity. we do, inspect more and more sponsors will be looking for exits this year. we've seen the leverage finance deal activity pick up. so more exits, more capital mark

it is our base case haul at bofa. but they are in no rush, no hurry to cut rates.t makes sense given how easy financial conditions are sitting. >> some cases would be for cuts of the economy slowing down, inflation coming down to a more comfortable level. we are sitting here in extraordinary market exuberance, record issuance. how much is the easy market feeling going to throw a wrench in the june cut? >> a great question. we heard the fed talk about this in the minutes released this past week. what the fed is focused on is inflation. they got the easy part of the inflation done, goods has converged to where it should be. it should ultimately be not adding to inflation, pressure should be going back to zero. a lot of the inflation story the fed is working on his services. some are more cyclical, more related to financial conditions. what the fed is focused on is notable easing and financial conditions we have seen. if that persists, it raises questions about how confident the fed can be to cut rates. >> there were some voices debating if a cut was even possible. bu

bofa, deutsche, citi, jpmorgan now to your new move you bought a disasterous stock yesterday, new york community bank why did you buy this >> i don't know. >> i'm not calling the bottom of the stock. it's a trade we're not getting -- i'm not getting married. we're hooking up, okay if you know anything about the business, you know the bible you never, ever invest in a company based on long island you can assume it's an outright scam or people who have no idea what they're doing, ineptitude >> your home, for those who don't know -- >> you definitely can't say that long island-based company, the biggest red flag, besides meeting somebody -- all right. put that aside because it's a trade. this is what i would say, i listened to the call i don't know any more than anyone else does it sounds like they did the signature deal they got in way over their head. they bit off more than they could chew they did flag star and got involved with two acquisitions they're not mentally know what they're doing yet. this is the quarter they came out and admitted it. this is not some systemic issue. it could

even the bofa credit card data, nice note out today, looking at the deceleration in january spend andthing out of the ordinary, as such we view the data as better than expected. there's really an amazing environment in which doves and hawks can slice up data to make their arguments for now. >> absolutely. it's the demand and the question is how restrictive is the rate right now to the economy? that's what's being debated. it gets back to the old debate about where the neutral rate is, the start of where -- what rate doesn't hurt the economy and doesn't help the economy. those are all kind of live issues and live debates right now. the nabe, the last thing, the national association of business economists put out a survey this morning and an increasing number of them say that fed is becoming too restrictive. i think it's 21%. majority still say they think policy is just right, but the number is moving up on the economists that say we're getting too restrictive and are going to hurt the economy. let's talk about what's means for markets major averages coming off the fifth straight week o

. >> today it's bofa cup and handle which supports at 4800. >> can't they wait till tomorrow?ited until tomorrow and said nvidia is really good. they all have to come out today on a down day couldn't they have waited to see what the cpi was? you have people firing bullets and they're not hitting anything because of the cpi. i bet lilly is down. >> lilly was barely down. >> david, stop. okay. lilly -- there's a lot of talk about the pill, how the pill is almost ready. >> the pill is almost ready. >> it's 9:44. i'm calling it early. >> i'm going to end with the banks, guys, in particular. in the area of things i notice that might be worth a mention, brian moynihan runs bank of america. he's the company's chairman and ceo. he's also not going to leave brown university's board of directors. he's going to be the chancellor, just elected chancellor of the brown corporation, 22nd chancellor. i just point id out because in the current day and age, particularly with a university such as brown which i don't think i'm going out there and say may have a somewhat progressive student body,

equity strategy at bofa saying this. the idiosyncratic versus macro risk is high. the companies are behaving very differently from one another. euphoria is evident for the magnificent seven but nothing else. savino joins us at the table. thanks for being with us. how different is the performance now in the seven stocks? savita: it's interesting because even though we think about the market being one direction, seven company leading the charge, the stocks themselves are asking differently. if you measure idiosyncratic risk as a nonspecific risk, we have seen an increase in stock specific risk. what this means in english is that you can make more money picking stocks than just buying the index outright. that has been our call for a while. what has been unnerving about the last few months, we have not necessarily seen a broadening pattern emerge in the market, still seeing leadership decisively in this cohort. look at what happened after earnings for these companies. these stocks are priced for perfection. everybody owns them, they are pretty expensive. maybe not as e