kenny polcari is here with a slowing economy and your undrintss next.'m an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. i got tai last december. i've spent almost every minute with her since. when i first brought her home, she was eating little brown pieces in a bag and it was just what kind of came recommended. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. i better, she was more active, high-quality poops. if i can invest in her health and be proactive, i think it's worth it. see the benefits of fresh food at betterforthem.com jackie: here's a look where market ended the week after retail sales for july came in flat and below expectation. the report showed choppers are indeed paying more at the store, the fed calling it inflation exceptionally high, slate stone wealth chief market strategist kenny polcari. always great to see you, let's start with retail sales, consumers may b

store, the fed calling it inflation exceptionally high, slate stone wealth chief market strategist kenny polcari let's start with retail sales, consumers may be pulling back this is been my prediction but as we move past the summer and head into the fall you will see that and it's going to be reflected in corporate profit and companies guiding lower warning as well many tech companies has started slowly laying off this is the stuff that builds up as we head into the colder months, what do you think? >> i agree 100% to your point we were told that during the earnings season is the cfos and ceos were indicating slowing down and laying people off now we heard in the weeks to come, we heard of these layoffs beginning to happen into your point i think is going to happen more as we move into the fall. >> let's talk about the markets and their reaction. we've seen a pickup in trade we've seen markets move higher in august extensively on the notion that the cpi number came down inflation doesn't look as bad so jerome powell won't have to be as aggressive on rate hikes maybe not three quarters, maybe a h

joining me slatestone wealth chief market strategist kenny polcari. report that i think are important for the viewers. one, costs are still up through the roof. a recession that impacts our industry and eliminates jobs will have to occur before we see wage inflation to stop. people want a job but once they get it they want to quit working [laughter] so -- >> or get fired. charles: right, this is like, this is real life. this is why -- this underscores the challenges of running a business in this environment. you can't pay the wages. somehow this economy has to get wrecked before companies fund peoplevilling -- willing to vick the take the salary and not quit next week. >> that is the conundrum jay powell is in. how deep will he have to force it? what will he have to do to get it there? how fast will he get it there? a long slow death by a thousand cuts or something that happens much sooner. >> i think between manufacturing and the pmi services which came out just the other day which is well into contraction territory. that is important, why? because w

many thanks, always great to see you, kenny polcari, thank you. >> thanks, jackie.kie: prices at the pump declining from this year's record highs but the clang could cause them to spike again. a new tax you should know about, next. >> $12 billion in new taxes is in this bill against the fossil fuel industry. i mean, they are killing the middle class and the poorer americans in this country with this bill. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com jackie: the biden administration says lowering gas prices is a top priority but republican lawmakers are warning the inflation reduction act will only make it worse. that's because of a revived and increa

let's bring in kenny polcari. kenny you're a great person to talk about this. is mr.owell going to remain hawkish or will he, you know, to lauren's point are we going to see a change in tone. what do you say? >> i don't think he can do anything other than be hawkish, right? i think, i don't think, i don't see how he could change the tone considering over the last week and a half we've heard every fed head that's been speaking talk about the need for aggressive, the need to stay vigilant, the need to be on top of it, so for jay powell to come out and suddenly sit in the fence and lean to the doveish side is complete contrast to what we heard and do nothing but create more chaos and confusion in the market so i see him walking the line and sitting on the fence but i see him remaining hawkish, saying that inflation is the goal, he's not going to talk about the recession, let's just be clear. the recession will be the net result of what he does, but he's going to to remain hawkish. ashley: very good. you heard it here first, thank you, kenny. let's move on. transportation

i want to ask wealth strategist, kenny polcari. before we get to the avatar, because i'm jealous.er people you're pretty upset with mary me daily's comments. she is out of touch. completely tone deaf to a lot of the country, right? charles: right. >> people think this is arrogant, she sits in a position to help create policy, she is not even a voting member though, right? charles: that always rotates. next time -- >> currently not a voting member but the comments appear completely tone deaf. charles: ironic you said that i feel like the non-voting members have been given the green light to lay it thicker. bostick has been laying it on pretty thick lately. >> that is what they do. they take the ones that can't vote to test the waters. to say things that create all kinds of chaos. charles: start with the avatars. first one, this move right there. in response to the fed in a soft landing, is that suggesting, is that suggesting that the fed shouldn't talk about a soft landing or can't pull it off? >> no. that was in response to the article that came out of the uk today talking about t

charles: so i want to bring in slatestone wealth chief market strategist kenny polcari and barry knapp. barry, i want to begin with you, jared dillon, aka dirt nap, gave you nice shoutedout on twitter. you said 3666 would be a low and this is a garden-variety bear market. i'm not sure why you felt that way. congratulations. is that still the case? >> yes. listen i wrote a report a couple weeks ago i think captured this best, titled, pivot is the wrong word. we have this constant discussion about the fed looking for them whether they go 50, or 75, or otherwise but the real key when we reach maximum tightening expectations that happened at the june fmoc meeting meeting wy sprung a 75 on us the last minute. i will give you a precedent for that. in 19994 when we were going through the very aggressive rate hike cycle the peak of tightening expectations came after that november surprise 75 basis-point hike. markets took off from there. the fed didn't pivot per se, didn't communicate quite like they do today, but didn't pivot until june of '95. that was the key inflection point. inflation was

kenny polcari is with me, market watcher today.ll, will make inflation worse. there's 230 economists and professors saying it gets worse. what's your view? >> yeah, i agree with that. i think it absolutely is going to get worse because it's spending at a time when we don't really need it, right? inflation's out of control, and this government spending is only going to exacerbate that whole move to higher inflation. i think it's a mistake. i think manchin was sold a bill of goods, and i think if we get more energy, we're going to drill more, produce more, where's the far left? how can bernie and aoc aren't screaming? if we were going to get that much more, they would be up in arms. that that's why i think it's baloney. stuart: you're right. i've been taking a lot of flak because i'm saying the market is calming down. the huge swings and wild volatility, i've not seen that much recently, and i think that's a positive -- you're laughing. i do think things are calming down. you don't? >> no. i think it's positive at the moment that it

lashinsky -- haven't seen you for a long time -- and case capital add advisers founder and ceo, kenny polcarit president biden was saying about the inflation report we got this week. roll tape. >> today we received news that our economied had 0% increase nation in the month of -- 0% inflation in the month of july. 0%. david: now, the president was pointing out a one month change where inflation came down, but year-over-year it's still 8.5%. inflation is down this month because of fuel prices going down, and that seems to be happening because demand is way down. folks just are driving less because they couldn't afford the high gas prices. that brings down demand and prices. that's why inflation is coming town a bit, right in. >> well, on the top level, that's why. but you take out food and energy, prices rose by three-tenths of a percent, so it's a little bit of a mixed message there depending on which definition you want to tell your story. one way or the other, yes, year year-over-year prices are still up, so the fed is still in a position to have to make decisions, and there's still the pos

kenny polcari joins us slatestone chief market strategist. continued selloff not not withstanding. i find what the homebuilders are saying. what do you make of it? >> that is interesting but i'm not necessarily surprised with the weakness. we've been seeing that trend over last couple months. i put this in my note, homebuilders, cutting prices, offering incentives, things would cost thousands of dollars to upgrade cabinets, they're throwing them to try to get buyers to bite, right? i'm not necessarily surprised. we're going to see it happen more now as the fed raises rates six months and mortgage rates continue to go up, homebuilders will get more desperate to try to get people. they will come up with different ways to try to entice them. whether cutting prices or adding more incentives to get it to work. neil: you know what is interesting too, i always find it interesting how the markets react to something. dick's sporting goods telegraphing good news ahead, numbers that people. stock surprisingly up in trading today but even macy's with disappointing guidance that stock up even m

let's go to kenny polcari, slatestone chief market strategist. kenney, we're reminded again and again, madison raised caveats, the sales gains are coming not because of more customers or purchasing more items but pricier items. that is saying is about the consumer stronger than earlier thought? where are you on this? >> i'm kind of mixed on it, right? the consumer in a place like walmart, the consumer is going there food items, clothing stuff they are going to need. whether or not they have to go out to buy the stuff they need. those prices are going up. the consumer forced more to do it, right, to buy the products. i'm not sure it says that the consumer is that much stronger versus the consumer is doing what the consumer needs to do and the prices are higher. appears they're spending more. they're spending more but they are getting less, right? but at home depot i think that is an interesting call. everyone likes home depot. it's a great stock, it is well-owned but that speaks to the housing market, right? when you go in there while new construc

oh, kenny polcari is here. get into this debate. i say meme stocks are a gamble, not an investment.hat say you? >> well, a thousand percent it's a gamble not an investment. i'm with you 100% on that. i got to have you a question i'm curious to see your interview with this young man jake freeman at 20 years old. partly, because he had 25 million to start, so you know , 25 million, and 130 million so everyone's making it like the guy started with a thousand dollars and turned it into 130 million. he didn't. he started with 25 million so let's just put that kind of out there. stuart: by the way, kenny, he's not going to be on the show. he's not an interview guest today. we can't even find a picture of him but we just wanted to tell the story but make sure everybody knows -- >> he's got red hair. you can google him. he's all over google but anyway listen. the other thing is i find it also very curious that he sold all his stock right before ryan cohen announced he was going to make the sale. i just find that a tad bit curious. stuart: yeah, okay. that's a fair point to make. lauren: the