august 2000-2001 and it was very succinct and layoffs from repositioning and that's what you want to looka if that's when the company is laying off people then that is when you want to buy the stock. the reason i'm bringing all this up? get ready i think we'll have a whole lot more of lay off announcements. fortunately for you ashley webster is in for liz claman. buckle up for one heck of a last hour, ashley. ashley: as it is, everyday, thank you very much, charles great show. charles: you got it. ashley: big questions on wall street, of course, as the fed opens its two-day meeting today, markets in decisive after yesterday's massive sell-off, but are heading lower, modestly so. the dow, s&p, and the nasdaq at session lows right now, ahead of that central bank's rate hike decision tomorrow. we'll get into that. so the question is, will the fed jackup rates by 75 basis points now? is a recession really underway? are mass layoffs for american workers on the horizon? so many questions.

wall street journal senior writer will be here with all of his insight to answer those questions and more. meanwhile, blink charging taking a $200 million step towards its goal of the national charging network. its ceo is here to tell us all about a new deal in a fox business exclusive, and yes, i'm ashley webster in this afternoon for liz claman. let's get straight to the fox market for you, having an alert the market starting to pick-up a little more downward momentum, as we said, session lows the dow , s&p and nasdaq, down nothing as we saw compared to yesterday. the russel 2,000, the transports one of the few bright spots up one and three-quarters percent. this of course after giving prices at the consumer level last week. today we got the may producer price index, year-over-year it increased 10.8% and excluding food, energy, and trade, the

core ppi rose 6.8% year-over-year. not good news. fed members, of course, they're watching inflation metrics very closely as they will announce their interest rate decision tomorrow. widely expected to be a hike of at least 50 basis points, maybe more, because fed funds futures show the chances for a 75 basis point hike climbed to 94%, more than triple than it was exactly this time yesterday, and it was at what, about a week ago, it was up 4% so things change quickly. meanwhile, the s&p 500 official ly closed in a bear market yesterday, after dropping more than 20% since its recent high. the last time, by the way, the s&p 500 closed in bear market territory, was february of 2020 and that bear market lasted a little more than a month. much shorter than the average length of 18 months, during that time the index lost almost 34% before recovering. well this latest sell-off is costing investors big bucks, as you can imagine.

the wilshire 5,000 lost approximately $4.5 trillion in the last four trading days, the worst four-day period since february 2020 so with all of that said, how do you position a portfolio with all of this obvious risk? let's get right to the floor show and speak to our traders today, revere securities portfolio manager scott fullman and great hill capital chairman thomas hayes. scott, let me begin with you. we're going to get the fed decision tomorrow. are you one of those in the camp that expects a rate hike of 75 basis points? >> ashley, i think the market now has counted that in. i think after what we seen over the past several days, i think it's already figured in, and the thing that is concerning is if we only come in with a 50 basis point hike, will the market then say the fed hasn't done enough and sell-off even further? that's a possibility that we have to watch out for.

ashley: absolutely. tom same question to you. firstly, what do you expect, and how are the markets going to react. there's apparently they are expecting a 75 basis point hike. >> yeah, well, they wouldn't have leaked this story to the wall street journal, ashley, if they didn't intend to do it so i do think that's coming. i do think that the markets will show a sign of relief. the market is really anxious about inflation right now, and if we look back to 1994 that was the last time that a 75 basis point hike happened, that was november of 1995 the market had been down all year, ahead of that hike, it finished the year positive, plus 1.3% and then the next five years average 28.7 % per year on the s&p 500. now, whether they can do a soft landing this time or not, remains to be seen, but that's what happened the last time. ashley: let me follow-up with you, tom. so we have this situation where

the fed apparently, by many accounts, is still behind the curve, trying to catch up, but have we reached peak inflation and with regard to the markets, let me come back to that very quickly. have we seen bottom, it's a question that many analysts are asked daily and i know it's very difficult to answer that question, but have we at least, can we see the bottom from here? >> yeah, i think you can certainly see it on a selective basis, ashley. there are certain companies that if you can take a one-to-two year view you're buying them at bargain basement prices. if you look at forward earnings for the s&p 500 while the pessimism continues to rise so do earnings estimates. right now at 251 for 2023 on the s&p 500. that implies 15 times next year 's earnings. the last five years averaged 18.6 times, which included the last tightening cycle, so as far as inflation goes, the p pi numbers were somewhat encouraging simply because april was the peak for ppi, and that

tends to leave cpi, so first you see it in the wholesale prices, then you see it in the consumer, so you know, we're hopeful but they aren't great numbers for sure. ashley: scott, let me get back to you. tom mentioned that word, you know, that expression "soft landing." where do you think this is? jpmorgan said yeah, i can see getting out of this with a soft landing as the fed hits the brakes pretty hard. morgan stanley says there's a 50 % chance of a recession. where do you stand? >> i think that basically, we're in a very very precarious situation. oil prices are the driving force here. as long as gasoline keeps going up, the feds going to remain behind the curve. consumers are feeling it and that's going to cause them, they're cutting back already on what they're buying and that is leading to an increasingly chance that we're going to see a recession. now, i think what you could see is a combination between a recession and sort of a soft

landing, we don't go too deep into recession if they can get these prices under control in the very near future. ashley: well, with that said, and in this environment, tom, let me come back to you. what do you like? i mean, you know, what are some of your picks in this very volatile, uncertain environment? >> well, ashley, they are unconventional picks because if you look at the developed world, europe and the united states are aggressively tightening right now, but there are two large economies in the world that are aggressively easing and stimulating. japan and china. we like three plays to take advantage of china's easing policy coming out of the lockdown. you've seen alibaba now up 42% off of its march lows, once government pivoted from their crackdown, and they started with the reopening, the stock started to go up. there are rumors, unconfirmed, by reuters that potentially the financial ipo could go off

sometime this year. alibaba shareholders own a third of that and you're expected to get 20% earnings growth next year so the chinese government is trying to promote consumption coming out of the lockdowns to recover their economy. we also like taiwan semiconductor. they got 50% of the auto chip market. their productions up 60% year-on-year, trading at 13.5 times earnings, with two years of backlog, with the new car manufactures all over the world, needing to build those inventor ies and finally is nike gets 20% of their revenue out of china. it's their most profitable market and the overhang on the stock has been related to china and now they are coming out of lockdown expected to grow earnings 20.6% next year. stuart: very good. unconventional but very interesting, tom, scott, very quickly. who do you like? >> so we like tyson foods, because we believe people really need to be focusing on some defensive-type stocks and people have to eat, regardless of what happens with the economy, so you

know, we're looking at companies like that. also, in the energy space, we're looking at phillips 66 right now , because again, as these prices go up people still have to fuel their cars, these profit margins are going to go up through the energy companies and finally, we have one that we added to our list of looking as we were coming into this interview today. ch robinson, chrw. the fact is is that especially on the back of the fedex moved to, we think the transportation is going to improve the supply chains going to improve and therefore, this is a company that we believe will benefit from that. ashley: terrific stuff both of you thank you so much for great insight and information this afternoon. scott and tom, thank you very much for being here. >> thank you, ashley. ashley: thank you. fox business alert. shares of fedex let's take a look at those. they are up 13% after the u.s. delivery firm announced plans to raise its quarterly dividend by more than 50% to a

buck 15 a share. fedex also announcing it's adding two directors to its board, as part of an agreement with hedge fund de sure. crypto exchange coinbase says it's laying off 18% of its employees, ceo brian armstrong joining the winklevoss twins warning of a crypto winter that could last for an extended period should the u.s. go into a recession. coinbase down almost 85% since the company's ipo in april of last year. today as you can see down another 1.5%. the warning comes as cryptocurrencies themselves continue to tumble. bitcoin by the way has lost 25% of its value since friday. let's take a look at oracle shares, after the database software company issued fiscal fourth quarter results that actually exceeded analyst estimates for both revenue and earnings. the stock up 9% on that. oracle says its strong results were driven by growth in its

cloud infrastructure business. jpmorgan meantime says it anticipates apple's revenue for music and gaming offerings will jump 36% to $8.2 billion by 2025. shares for the tech giant as you can see up modestly up maybe two -tenths of a percent as apple also announces it will accept pre-orders for its new ma c book pro friday. the new mac book which uses apples m-2 processing chip will be available in retail stores and regular order the following friday and elon musk, we have to mention him. he's reportedly scheduled his first town hall meeting with twitter employees for this thursday. musk is expected to answer questions on his $44 billion takeover deal. shareholders could vote on that sale, by the way, by early august. the stock itself at $36 just above up today three-quarters of a percent. all right, coming up, blink charging, expanding its ev network in a $200 million deal.

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ashley: breaking news. blink charging acquiring ev infrastructure company semi connect for $200 million today. that deal will add 13,000 charges to blink's charging network. well, guess what? investors seem to like the deal. blink stock up 5% in what is now a down market, so all right investors seem to like it and here in a fox business exclusive , to tell us all about that deal is blink charging founder and ceo michael frakas. michael, greetings. good afternoon to you. let's begin right there with the deal. why did this deal appeal to you? what does it provide to your company? >> it's a very synergistic transaction for us and what it

does immediately allows us to participate in the biden administration $7.5 billion program to deploy infrastructure throughout the united states, because they comply with build in america so it's something that was very attractive to us and they have the capability of currently producing 10,000 units per-year, and with very little upgrades, we could get that up to 50,000 units per-year. ashley: it's fascinating. how much does the supply chain problems hurt your business and the ability to get more charges out there? >> it's a very good question. as of now we have not been impacted by the supply issues, but again, this is a strategic move because we ultimately, all companies in our space, are going to start having problems unless they can correct the issues outstanding, but this transaction allows us to

not be one of many customers of contract manufactures, but it allows us to really control our own destiny and have it with our own hands and really control the entire process. ashley: it's always a good position to be in. sorry, i interrupted. i was going to say a wall street journal reporter recently took a trip from new orleans to chicago and back in an electric vehicle, just to see what that was like. she didn't drive it. she had a lot of problems. it was okay in the bigger cities , but once she got out there, she had problem finding fast chargers and of course the ones that you use at hotels overnight they can take, you know, quite a few hours to get a full charge. that is one of the biggest hold backs i think from people embracing electric vehicles is the fear, there's just not enough network out there to charge their vehicles on a regular basis. how close are we to addressing that problem? are we close? >> yes, there's actually a term for that it's called range

anxiety. it's the thought that you're not going to be able to travel for the range that you need to travel, but it's actually, it happens to be a false anxiety. most people travel less than 40 miles per day. most people don't take those long distance routes but that's exactly what blink does. it takes sure wherever you are traveling the future you'll have charging infrastructure available for you, whether it's in dense urban areas or whether it's along highway routes, disadvantaged communities, literally globally throughout everywhere. wherever a car is parked is a perfect location for charging infrastructure to be deployed. ashley: how does the cost compare, charging your car to, well, right now it costs a fortune to use gasoline but how do the prices compare? >> okay if you're charging at home today, you're roughly probably between $0.0 # and $ 0.10 per dollar using that same mile. using public charging infrastructure will cost you a little bit more but without a question there's a major discount to using gasoline versus using electricity to

power your automobile. ashley: interesting, and i mentioned the gas prices. i mean, it's playing right into your business, probably more than anything else, but perhaps one reason consumers also hold back other than range anxiety is the cost, they could be quite expensive. would you like the government to do more to provide more tax incentives to get , to encourage people, more people to get on board? >> yes, i mean, obviously whatever help the government wants to give we're willing to receive, but it's not really necessary. if you look at the price of ev's they've been coming down dramatically. the cost of the batteries are falling precipitously and that's really the most each pensive component of the electric vehicle. in very short order you'll see ev's costing lessor on par with internal combustion engine cars just a matter of manufacturing and a massive skill underlying components which are quite different than your typical internal combustion engine car, so as these things reach scale,

prices will come down and if you really look at let's say your tesla versus your mercedes or bmw, or audi, mercedes are actually lower, i mean teslas are lower-priced getting the bigger bang for your buck than you do for some of those internal combustion engine cars of the current equivalents and that's going to happen to the lower end as well. the lower the battery prices the cheaper the manufacturer these cars and start being mass- marketed cars. ashley: you know, michael, just very quickly wanted to ask you this. there are those that say there's going to be a turning point, that point where electric vehicles are slowly but surely becoming the vehicle of choice, and we will start to see , you know, fossil fueled vehicles disappear into the distance. how far do you think we're at that point now? >> we're not that far. certain countries are already seeing tipping point where you're seeing a majority of the cars being sold are ev's, plug-in vehicles. that's going to happen globally. you have legislative processes throughout the entire world,

where they are basically making it illegal to buy an internal combustion engine car, but you will have a very very difficult time buying an internal combustion engine car after 203e manufactures, the oem's are focusing r & d dollars on electric vehicles, versus an internal combustion engine car or are and r & d on those vehicles. indiana ever itable. it's really the digitization of the automobile just seeing massive amount of customer desire and it's really interesting. the last consumer electronics product that had the customer acceptance of ev's was flat screen televisions, and i will guarantee you, almost anyone you speak to, if you ask them after they had their first flat screen tv, did they ever buy a tube television and i don't think you'll ever find someone that will say yes to you and that's the exact type of consumer appreciation that we're having

for electric vehicles. almost everyone who buys an ev says they will buy an ev again. the longer ranges, the cars coming in less expensive than they used to be, we're really seeing major adoption of ev's globally, and that's exactly what blink is here to do is to make sure that those cars, as they're traveling whether it's in the legal communities or long distance traveling we have a solution to fuel those vehicles, whether it's overnight charging at home, where you plug your car in once a week and that's enough for you , or you're traveling highway routes and you need to have instantaneous charging that's exactly what blink does. it's very important to know that if you look at the industry today, there are only a couple million charging stations global ly. by 2030 the lowest estimates is about 120 million chargers globally. so when you are looking at the numbers we're really at the embryonic stage of this industry ashley: yup. well, congratulations, mike employee, on your new acquisition and we wish you the very best of luck, and thanks for talking with us today

thank you. ashley: all right, our pleasure. president biden in the city of brotherly love today discussing the economy and labor issues, but congress meantime working on a deal to protect the national security from countries looking to steal the top secrets of our biggest businesses. we'll go live to capitol hill for the details on that. let's take a big look at the big board if we can before we head to the break, we've been gaining downward momentum and it continues, the dow up 329 points we'll be right back. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love.

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ashley: president joe biden speaking on jobs and the economy in philadelphia today. super-high inflation of course topic number one. the president making the case that his administration is doing everything it can to restore order to the economy, there's a cost for everything from food and gas to shelter are still

rising. >> my plan is not finished and why the results aren't finished either. jobs are back, but prices are still too high. covid is down, but gas prices are up. our work isn't done. ashley: oh, but on capitol hill, lawmakers are working on a national security plan to limit u.s. dependency and investments in china. interesting. let's go live to grady trimble on capitol hill with the details on that story. grady? reporter: hey, ashley. there's bipartisan support for this bill in both houses of congress, with a goal of strengthening our own supply chains here in the united states and also reducing our reliance on china but this bill has been in the works for sometime and it hasn't made much progress. it's thousands of pages long, and lawmakers are still working through the finer details of it. the wall street journal reports there's a new iteration though, that would require companies to

disclose certain investments in chinese companies and in china in general. it would also require companies to notify the federal government of activity in certain sectors in china. sectors like semiconductors, computer chips, pharmaceuticals, rare earth minerals, and artificial intelligence. the proposal as it stands right now would also form an inter agency panel to review and potentially block investments on national security grounds. house majority leader steny hoyer has said he wants to vote before the july 4 recess. fox caught up with senator todd young. he's the lead republican sponsor of the senate bill. he says he's optimistic after getting an update from his party 's top negotiators yesterday. >> they're actively negotiating and coming to terms with democrats, and we think in the next few weeks we'll have a bill to put on the president's desk. >> there's no reason in the world it's being held up. i don't understand. i mean, we passed it

overwhelmingly in the senate and whatever the differences are, we should work that out. i don't know and i'll find out because it's ridiculous. reporter: on their own, companies in the united states are already choosing to reduce their footprint in china or completely leave the country. companies like apple, airbnb, under armour, nike, old navy owned by gap, are among those who are reducing their footprint in china, or getting out because of the environment there. u.s. investment in china fell 33 %, ashley, from 2019 to 2020. that's the latest year we have data, but this isn't just about, you know, punishing china, or making the life more difficult for china, ashley. it's about our own supply chains and making sure that we have resilient supply chain, manufacturing and production in the united states, so that's why there's so much support on capitol hill for it, but there is still no bill to vote on or to put forward to ashley: but it does make sense,

and that's rare on capitol hill. all right, grady trimble. great stuff. thank you very much, appreciate it, grady. get on to this story the big story today and tomorrow, of course fed chair jerome powell was pretty clear we were going to see 50 bases point hike tomorrow but did the may cpi report change the fed's math, wall street senior writer john h ilsenrath tells us if 75 basis points is the new number to watch but let's take a look at the markets the dow, s&p, and the nasal in the red but the nasdaq almost trying to get back into positive territory , there you go, i did it. we'll be right back.

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ashley: there is no doubt, inflation rocking the market this week, fueling those fears of recession. morgan stanley ceo james gorman says there's a 50/

50 chance the u.s. economy is headed toward a recession, but jpmorgan strategist says no, the u.s. will avoid a collapse, and the federal reserve will deliver us to a soft landing. well, let's get a breakdown of what to expect when the fed makes its rate hike announcements tomorrow afternoon no better person to bring in a fox business exclusive wall street journal senior writer john hilsenrath. i don't know there's been such an anticipated announcement, john, in many a year, but the fact that this news came out of the 75 basis point hike was back on the table, is that where you think the fed is going? >> yes, absolutely, in fact, my colleague nick timaros broke that story yesterday and a lot of other organizations have been out since he broke that story, and it's fascinating. you know, on several levels. it looked back a few days ago like the fed was going to stick to 50 basis points and they changed, and so the question is

what happened over the last few days to change their mind? one that we got more bad inflation numbers on friday and the other is that there have been surveys that have been coming out that suggest that american households are expect ing even more inflation in the next year, and i think jerome powell has come to the conclusion just the last couple days that he's got to get in front of this thing and he's got to do it now so the expectation is they're doing 75 tomorrow and that's a risk for several reasons . the last time the fed did 75 basis points, orange county, california went bankrupt back in 1994. we could talk about that if you want. ashley: that's interesting. is that right? >> well, yes. ashley: i remember it going bankrupt. >> this goes back to 1994 and the fed surprised the markets with a three-quarter percentage point rate increase, and i think the point here is that when the markets are taken by

surprise on fed moves, you have to look for turmoil on credit markets. someone in credit markets is out of position today, and they're sweating, and there's a risk that there's going to be turbulence after the fed does this , if they haven't gotten themselves in position ahead of it, so jerome powell is taking a risk and he's doing it because he realizes that he's got to get in front of the inflation problem, he's behind the curve. ashley: and then what? i guess the question becomes, i know we haven't even gotten past tomorrow yet, but does this change the thinking after this meeting, and future meetings? >> well, i mean, there are going to be more rate increases to come later this year. that's for sure, and then you were talking about this before this segment. then the question is, well, what happens to the economy? are we going to go into a recession? i think, you know, later this year, people are going to be talking about the phrase double dip.

we used to talk about that, for instance in the early 80s we had a double dip recession. we might think of what happened with covid as the first dip and then another downturn coming is this. the one thing i would say is if we do go into a recession, it's not obvious that we're going to head backup to really high unemployment. the unemployment rate is very low right now. it's possible that, you know, we could have a contraction but unemployment doesn't get very high in this next cycle. there's just, it's going to be a bumpy ride, hold of to your seat is what i would say. ashley: yeah, it's confusing, isn't it? because unemployment rate is at 3.6% there are 11 million open jobs, but at the same time you have this huge threat of inflation, the consumer sentiment number, the last one, was at a record low, so we know that households, people are very much, you know, sweating right now. this is very difficult to handle

, but the question being, i guess, is can the economy handle it? >> well, so you know, so i think what's behind this is that the economy overheated. washington, the folks here in washington, threw all kinds of stimulus at the economy during and after the covid crisis. the fed pushed interest rates to zero. they held them there. there was $3 trillion of emergency relief in 2020 and then the biden administration came in with the american rescue plan another 2 trillion. they threw too much money at this thing, at a time when there are supply shortages and so they have to take some of the heat out of the economy, and that's why we have really low unemployment which is a good thing but people are enjoying the benefits of that because prices are going up even more than wages and the bottom line is jay powell has got some of the work to do to take the heat out of this thing. ashley: i listened to an analyst earlier today and he said until we get oil under control it really doesn't matter

what the fed does. would you agree with that? >> well, i mean, i think oil is certainly part of the problem and is certainly the most visible part of the problem for a lot of american households , because most of us who are in electric cars are seeing price at the pump go up everyday and it's frustrating but i think are a lot of other facets to it. the labor market is very tight. like one of my favorite anecdotes is the cost of a hair cut. for the last 20 years, the cost of a hair cut was between zero and 4% rising on an annual basis . in this last report it was up 6%, so we're seeing inflation feed into different facets of the economy, even when it cots to cut your hair. the other thing just really fast i think if americans want to be angry today they should be at the airlines. they got bailed out during the covid crisis, and their thank you note to america was to cancel our flights and raise prices by almost 40% from a year ago. that's just mind boggling to me.

ashley: yeah, and don't get me started because i'll go on a rant. we'll have to leave it right there, jon hilsenrath terrific stuff as always thank you very much i look forward to tomorrow 's announcement. by the way, keep it right here on fox business, the full coverage of the fed rate decision tomorrow, the decision will be out at 2:00 p.m. eastern followed by the fed chair's june press conference at 2:30 and we'll have complete post- conference reaction right here on the "clayman countdown." promises to be a busy, interesting day. all right, let's move on if we can. the housing market cooling off with mortgage rates rising and prices still near all-time highs , but that's also got rents hitting record peaks. madison alworth will take a look at the surging costs across the nation, next. let's take a quick look at the big board for you, the dow still off but coming back, trying to come back if you can call it that down 116. the "clayman countdown" is coming right back.

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ing programming for pinterest tv, take a look at the stock essentially flat today at $17.23. all right let's take a look at shares of redfin and compass both falling at this hour, compass down 11%, redfin down 4.5 after both real estate companies announced layoffs with redfin cutting 8% of its workforce, compass around 10%. the cuts comma mid signs of a serious slowdown in a housing market that let's be honest has been red hot for at least the past three years but as home sales are falling, the rental market is on fire, and oh, yes becoming increasingly un affordable. madison all worth is live with the expensive details, madison? reporter: hi, ashley. yeah, like you said, we've been watching this housing market, be super hot for three years. its kept a lot of people out of the housing market, unable to purchase that home, and its kept them renting, which is now created this secondary problem,

that rents have now soared to new heights. take a look at what time talking about redfin now saying that the median rent in the u.s. has hit over $2,000 a month for the first time ever. that's an increase of 15% year-over-year and unfortunately , this problem, is not going anywhere. >> many people who are living in an apartment, they haven't been faced with this increase yet. so by the time they go out to find a new apartment or get a lease renewal they are probably going to get hit with an increase of more than what they would like and we'll continue to see that happen for at least the next year. reporter: a cycle that's not yet done. i'm anticipating this exact thing when my lease comes up in december. of course certain areas are worse than others. the top five cities with the fastest rising rents have shocking increases. take a look, seattle, cincinnati , nashville, all saw rent increase by 32% and in austin, texas, rent went up

nearly 50% in just one year. while the federal reserve bank of new york does estimate the housing market will calm down, something that we're see ing with those stock prices that you just mentioned, the bum mer is that the secondary problem, this rent spike, is not expected to slowdown as much because it ultimately comes down to an inventory problem. people still need to go buy homes to free up rentals that they've been sitting in and if they don't do that, rents stay high and hard to get , forcing people to pay these higher prices or move elsewhere. ashley? ashley: yeah, bum erin deed. madison good luck in december. i think you'll need it. all right, madison all worth talking about the high rents. red hot inflation has investors dumping treasury with a 10 year yield hitting the highest in more than a decade. today's countdown closer has high dividend eft's that could generate income to your portfolio. stick around for that and as we head to the break, take a look at the big board, the dow, still

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♪. ashley: closing bell ringing in just about five minutes from now. markets well off the lows. the nasdaq turned positive. the dow still up 158 points. the s&p down a third of a percent. look at the dow transports. it is making the biggest move higher of all the major averages, look at this, up more than 2%. normally that is a good sign. more people transporting goods, goods of industry so to speak but in a down market the dow transports up 2%. they're being led sharply by federal express who announcd a dividend today. that is certainly helping. by this time tomorrow we will know whether the fed has hiked interest rates by 50 or 75 basis

points. ahead of that the 10-year treasury yield has topped 3.45%. is -- 3.479%, highest in 11 years. joining me now head of research, todd rosenbluth. todd, good afternoon to you. i guess my first question is, what does that tell you about sentiment of investors dumping treasurys, yields are shooting up, what does that tell you? >> investors have been preparing for rising interest rate environment and they're trying to get ahead of the federal reserve. so you're right, we're looking at potentially 50 basis points or 75 basis points which weeks ago would have seem unprecedented. at vetify, investors are looking for a range of alternatives to get high income looking at range of fixed income products but also within the high dividend yielding space. we seen a number of products

that have been more popular as of late. ashley: you like, obviously you like etfs. which ones in particular and why? >> we're highlighting a couple of them in a recent piece we published on etf trends platform part of vettafi. eyn, vanguard, high dividend yielding e-tfs from vanguard. very cheap, you get broad exposure, heavily weighted towards the financial sector with a lot less exposure to technology. this is an etf it has seen lot interest, investor flows has moved into it, it has not performed as well good as it expected with above average dividend yield. we're talking about with our clients the dividend etf. ticker is sdog. it is equally weighted across the sector. yes the dog catches your eye in

the ticker. what we like exposure towards all sectors. so you get high dividend yielding stocks in each of those sectors. ibm, for example are is one of the technology stocks. at&t you get through communications services. you have exposure to exxon mobile as one of the energy companies. this is a broadly diversified, high dividend yielding etf we think investors are paying more attention to. ashley: how long do you expect this volatility to go on? i know that is a very difficult question but given the fed may come out with a 75 basis-point hike tomorrow, how long do you think we'll have to ride this wave until things settle down so to speak? >> well historically we've seen more volatility during the summer months. there is viewer trades taking place. many investors hopefully are going on vacation at some point. so there tends to be more volatility. i think the fed is going to paint a stronger picture of the outlook for the second half of the year.

not only likely to raise interest rates, but also likely to upgrade their guidance, give investors, advisors, better understanding what is ahead for the second half of the year but also set the path for 2023. once investors have more comfort. they are likely to put more money to work in a wide range of investments. move money back into treasurys, move money higher yielding instruments as well as fixed income market. as return growth oriented stocks you tend to find within etfs like the qqq. arkk. some are higher growth oriented parts of the marketplace. ashley: 30 seconds, todd. now that the fed could be acting very aggressively, do you anticipate a recession and do you think it will be a deep one or a shallow one, what do you think? >> we're not expecting a recession. we think investors are afraid of that but we do think investors need to be mindful andy diversified within their portfolio within equity and fixed income asset classes.

we think the federal reserve has gotten better handle on this than investors are fearful of. ashley: an optimistic guy. ed to, thank you very much. appreciate it. look at markets, the s&p 500 closing down it appears five days in a row. nasdaq slightly positive. that will do it for the "claman countdown." "kudlow is next ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, joe biden spoke to the afl-cio today in philadelphia. i hate to oversimplify but let me play you some sound that i think captures the thrust of his speech. please take a listen. president biden: i don't want to hear anymore lies about reckless spending. we're changing peoples lives! larry: there you have it. with all due respect, mr. president, you did engag