liz ann sonders, is earnings a factor or am i too quaint? liz ann: it is a factor.erm earnings growth is a factor. earnings are a week or two away from receiving earnings in honest. the most important focus on the earnings season is not on the growth number but on profit margins and what companies are saying about the stickiness of wages, whether they are passing on higher input costs. that is the big unknown right now. i think the profit margin piece and what we hear from companies will be in more focus. lisa: we started talking about how the bond market has signals. how much is it signally something that is less optimistic than what you are talking about? how do you dismiss that message? liz ann: if it is a message about inflation being transitory, to use the fed's terms, that is not a bad environment if we don't lose the growth piece, too. what a lot of people don't realize is that inflation and a low growth environment is toxic to equities. rising inflation and a strong growth environment is not a bad situation. this focus on inflation in a vacuum without unders

high investor sentiment can be the best time to sell charles schwab chief investment strategist liz ann sondersxplains. sonders explains. ♪ they said it couldn't be done but you managed to pack a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq with voltaren arthritis pain gel my husband's got his moves back. can i hold the chip? an alternative to pain pills voltaren is the first full prescription strength gel for powerful arthritis pain relief... voltaren the joy of movement jack: newmarket high's bullish sentiment and blowout tech earnings as it all downhill chief investment strategist liz ann sonders also named barbarians one of the most influential women in finance. thank you for coming on the show. >> happy to be here, thank you for having me. >> what are the things that investors ought to think about a raging bull market can anything else go

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liz ann sonders will of course mention the late martin zweig, who said don't fight the fed.th the most important question that stops the press conference, michael mckee. is the market fighting the fed here? our market participants fighting chairman powell? michael: no, the market is going along with chairman powell that inflation is transitory. the question today is does the fed have any scope to try to change policy or change the way they talk about it. there are questions about rising risks to the economy. i brought along a chart for those of you who are visual learners. covid cases are going up, and inflation is going up, so are their downside risks to growth, and other upside risks to inflation? goldman sachs thinks so. they cut their forecasts. the fed is focused on jobs, so where does that leave them? tom: do we get dot plots today? do we get statistics that help you answer questions? michael: no, we don't get any additional statistics or dot plots. we will basically be parsing the statement. the question is, what do they say about covid? what do they say about inflati

we have liz ann sonders, suggesting euphoria out there would justify 10% move. t maynard looking for 15%. i disagree with liz ann sonders, the fear freed index is way in the red. this morning american social investors bullishness plunged to 39% from 49%. it was 57% a couple months ago. niche that, are you on the bandwagon we have to get a correction in the stock market before we make a serious move higher here? >> i'm not in that bandwagon. i think the biggest thing here there is a lot of liquidity. we're seeing that in all markets. on the fixed income side, the equity side, even year-to-date we have not seen a significant pullback in anytime we saw it in the market, market thought there would be another leg down i think there is a lot of that feeling from investors that have a lot of cash, a lot of savings built up that is coming right back into the market. so i don't think you need to see a 10% or that 15% correction. you could be another two to 4% range before you have another leg up. i think again liquidity and amount of money out there is really the biggest

tom: liz ann sonders was with us and edward yardeni in a moment. we hook up with edward yardeni by wires and the screen turns green. it is amazing. we have the nasdaq finally green on the screen. he moves the markets just by showing up and doing a sound check. jonathan: of 2/10 on the s&p. the nasdaq unchanged. yields up a single basis point. we have to keep going back to it. and i slipped in crude this morning, 75.6 1 -- $75.61. tom: brent crude up 2.4%. we have gone beyond that with some people framing out $100 per barrel. it was one of the tennis -- the toughest acts to lyme economics. this was a million years ago. the guy that replaced him was the same or even better. edward yardeni out of yale brought a huge acuity of linking economics to the markets at cj lawrence and onto a storied career. he joins us this morning, moving the markets green by just showing up. what is the character of this bull market? edward: it has been very broad-based. every now and then people freak out because it looks like it is narrow. . we find that the groups that l