julian emanuel joins us here on set. an, great to see you. >> great to be here. >> one does not like to use the word "panic" on wall street and yet panic is the word i think you use when describing what we will see in the first part of the year >> so when you think about 2022, we've had this sort of what i call the lazy river of volatility down. you know, we hit bottom, down 25 and change and we've rallied back but there has never been a time where there's been emotion in this market, real, honest-to-goodness emotion and there is no bear market in history that hasn't had that emotional volatility swing. >> capitulation, blood on the streets. >> absolutely. absolutely and frankly if you're thinking about it in terms of risk/reward or if you're thinking about it in terms of the fed's reaction function and the fed is telling you they want unemployment to go to 4.4% to sort of clear the labor force, you've never had -- you've never not had a recession with those kinds of numbers. so you put that altogether and for us, the nar

julian emanuel joins us next. this is bloomberg. >> it is good news for the economy in terms of jobs and pay, it is less good news because labor force participation fell and inflation prospects are still worrisome. finally, it is bad news because once again that communication has contributed -- fed communication has contributed to volatility in markets. ♪ >> i think right volatility, that has -- ready to volatility, that has -- if that stabilizes, it is good for markets. i don't think it means big rallies and rates. i think it means more stability in what has been an incredibly to mulch was year. alix: that was blackrock cio saying volatility coming down. the fact that the jobs report -- is this the wage price spiral? diane swonk was saying no, but she was still pessimistic. is this the wage price spiral? >> it is not. going back to 2020 and 2021 the amount of fiscal stimulus put into the system was four or five times greater than we have ever seen including the financial crisis going back to world war i really. i