the s&p and the nasdaq up better than 11% year to date, federated hermes chief equity strategist phil orlandost of the year. >> good morning thank you very much for having me back, color me skeptical we had a tremendous rally were up about 7% of the s&p 500 over the last month and we completely reversed the march and april correction, the equity is up 30% from the market bottom lost october. i understand the cpi numbers on wednesday were a little tamer in the market was excited and that probably takes the federal reserve interest rate hike off the table. when you look at the totality of the other data april retail sales were very weak economy is slowing initial jobless claims are often nine-month high, your business and consumer confidence which seems to be falling sharply across the board over the last couple of months. i think the market runs too hard to hide over the course of the last month and we could see consolidation over the course of the summer. maria: a good point to make a couple of days before nvidia reports earnings it's been one of the really catalyst for this market. it's up b

phil orlando is joining us good to have you with us >> thanks for having me back >> you called for a 5% to 10% correction in stock and we got that, like a 6% correction but i guess you don't think that is quite the correction that is enough to correct the market why another 5% decline potentially? >> we've rallied back almost to the old highs. and i think you touched upon it, we've had a pretty good earnings season we're 990% of the way through earnings revenues up about 6% and those are better than expected but with earnings behind us, market has to shift its focus to something else and i think that the question of stagflation that chair powell oig addressed last week is one that will come to the forefront. look at that michigan numb. inflation expectation increased. and we'll get updates on wholesale inflation and sales. our guess is that retail sales will be soft and inflation will be sticky and persistent and perhaps that seeds this further correction that we might expect over the course of the second quarter >> and i'll spot you the idea that inflation seems to be moving in mayb