give which tunnel keith morgan and i'm going to do an article had done side should i can be held it a little bit more. i should if i hear you said he when fallen saw the full name of the city relief follow fashion as you know, and i'm in the attic chauffeur sofa, not into dome how that is why she's out most most. i don't deal with the lottie. it's going to look need jeremy left with her can usually do over 35 and we can use them within me man. and that can then show that well many is shadley how and. 1 2 i i me not going to be making it odd that anybody movers to let you know what the fuck knows what the food is stuck. what does this work any if mean a cause? yeah, the water handler was in the feet of a new machine. i'm if he had a dentist equal i me? yes, the minute the show the minute a the made me enough. ah me in front of me i will move on now. hello it of course. ah . but this and that the other amount of pulled up here. man, me too. one battle. he the msa or he she'd by the she min and in a min minimum out there. a saba lateesha had a subway just a little up at a more she and fo

so we think that's the play for '22, as well >> keith, you're positive for the first half of the year morgan stanley's wilson, he has a price target about a 3% fall from where we are today. do you also have a similar thesis where we'll see a bit of a downturn in the second half compared to the first half >> no. we don't subscribe to what mike is saying. obviously, we have respect for mike and we think if we get 4% real growth in the first two quarters and maybe you settle down to a 3% in the second half of the year. once again, we layer on inflation and that gives you a very strong, nominal growth environment. we still have the benefits of the lagged monetary policy and it has a lagged effect and we have that still washing through. we'll have negative real interest rates and money supply will still grow around 13% so we think there's enough tailwinds that at the end of the year, as we said, we think for the full year, you're looking at a year that can give you a total return between 6% or 12% depending on how strong earnings come through and a range of 225 to 230 and that's a murky mirror ri

so keith, what do you make of the regulatory backdrop? i know you like jp morganhe federal reserve and what that means for the banks. >> well, call me crazy, cheryl. why don't they take somebody that's got actual banking experience who is going to be in charge of regulating banks? this is something that drives me bananas inside the beltway, like asking a heart surgeon to regulate high tech or high tech executive to regulate kitchen cuisine. this is not appropriate for the financial system as it exists today. that said, i think the market's going to deal with it, i think the market's going to move forward. it's a progressive choice, it's clearly in my mind politicized. cheryl: yeah. good analogy, by the way. that was funny, keith. really quick, keith, i've got to ask you before you go, we do have bank earnings coming up, believe it or not. we're three weeks away. what are you forecasting? >> well, i actually think the numbers are going to be really good. i think that we're going to see is all of the consumer spend, the visa, the transaction data, all of that's goin

keith fits gerald. thank you so much for being here. steven, kicking things off with you, with omicron hitting the banks, the kbw, nasdaq bank index which includes jp morgan new variant broke. the bank stocks rallied earlier in the week, attempting to make up for those losses and this morning we have news out of pfizer that three shots is effective against this variant. your thoughts on the banks and this volatility that we're seeing in this market because of omicron? >> well, maria, we put out a piece on monday morning calling about the whole thing. we reiterated our target for this year on the s&p, 5300 next year. we think this was a really healthy correction. it was overdue. markets have gone straight up. and there's a lot of worries that are either going away now or probably going to go away over the next few months. omicron, one, fed policy, something the market can began to be worried about. seems like they pivoted. we have three rate hikes next year, the midterm elections you've talked about, doesn't look good for the democrats, that's very market friendly. you add things up and we think the worry is the thing we're climbing here and particularly w