like the 1970s and deflation will win out if history has anything to say about it joining me is david rosenbergt to have you here i'd like to start with your portfolio positioning recommendations to see how much difference there really is between somebody with your point of view on this and somebody who might be very concerned about inflation. what do you think investors should do? >> well, based on my view i think that when the long bond gets 2 or above 2% i think you want to be adding duration to your bond portfolio. i think that closed end muni funds look good to me as well. and then the stock market, look. i think that we've had a -- obviously a huge supply shock. and the demand earlier was sharply boosted by two massive rounds of fiscal stimulus in january and then march which really boosted demand, exacerbated the gap between the client demand with the constraints. the constraints by and large are still here, but what is happening is the demand side is starting to wane in fact, i don't think many people even realize that real final sales in the third quarter was fractionally negative. i t

i've never seen the ambivalence in a david rosenberg note like i see this morning.vers everything we are doing in this november. jonathan: that is what is amazing about this topic, this moment in economic history is how divided intelligent people are on the same topic. here is data from the new york fed empire index. the employment component of this a record high. there is still decent data out there. prices up seems to be the story. in terms of the employment numbers, the employment numbers in this read look good. tom: i will call it a tertiary statistic although it has gained importance in this pandemic. it does not compare with what we see tomorrow on retail sales. we'll give you a full briefing tomorrow early in the morning. jonathan: later i will catch up with esty dwek on why you want to stay with this u.s. equity market. we will have that conversation in 20 minutes. a big focus worldwide on oil. from abu dhabi, yousef kamal. yousef: much of the questions have been around the oil price volatility that have kept a lot of us up late. we have drilled down with so

at the rosenberg research. david i am going to go right to the heart of the matter. you say the market is still in a bubble i want you to address that even more leaping off the page in my notes is your assertion that inflation is going to basically collapse and very quickly fall to 1.5% from where it is today, somewhere around 5 or 6%. >> right well, i mean the second point, on inflation, is pretty simple we have a firming u.s. there are a. nobody talks about what it constraint on dome snick inflation that poses and we are seeing the commodity complex, which started the road on this inflationary situation we have. commodities across the broad front peaked out and rolled over so i mean a lot of my thought process is based on my assumptions. but i have seen this run-up, the cycle of goods-related inflation come and go in the past. this will come and go. people think supply chains will neveret giksed again i don't believe that for a second when you trace out what i think service sector inflation is going to do, i know i

inflation has peaked is the view of economist david rosenberg who says price pressures will start tois is nothing like the 1970s and deflation will win the war. how he says to position your portfolio. >>> checking in on choice hotels parent company of sleep- inn revealing earnings a ride,