on deck roger altman of evercore isi will be here. what is critical for your money in the weeks ahead. i may ask him about intel. live at the new york stock exchange. the dow down 13, nasdaq up nicely. see what happens in the next 45 minutes. we're back right after this. so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. pete g. writes, thanks for coming “my tween wants a new phone. how do i not break the bank?" we gotcha, pete. xfinity mobile was designed to save you money and gives you access to wifi speeds up to a gig. so you get high speeds for low prices. better than getting low speeds for hi

joining us now is roger altman. quote. two years ago from powell in jackson hole, "we will keep at it until we are confident the job is done." of course then he was talking about inflation and the market has often had kind of a soggy reaction to his jackson hole remarks, but is it potentially going to be very different this time around? >> a little bit different because i see the fed right now as labor first, meaning that it's more confident of the trajectory of inflation than it is the trajectory of labor markets, and at the margin, more concern about labor markets underperforming than about inflation underperforming. inflation, after all, and i listened carefully to mr. bostic's remarks, is trending just where -- toward where the fed would want. is it a guarantee that it hits the fed's 2% long-term target? no. but it's got momentum towards that. core pce, ex-shelter, is already at 2%. labor markets, a little more volatile. we saw that large revision, which means that average monthly job growth has been slower than

joining us is roger altman. evercore founder and senior chairman.ng. amp a., do you think the soft landing narrative is still the most likely outcome, and do you think that that vix high will, will that be it? it was over 50. do you think we've seen the worst? >> the first question in terms of the soft landing, joe, yes. i think that scenario is intact. and let's break it down. the labor market is slowing slightly but it's healthy. the unemployment rate didn't rise because of a drop in demand. it rose because of continued labor force expansion, which is a real plus, and the three-month average on job creation, monthly job creation is 170,000, which is a good number. the employment population ratio is at a the 22-year high. the participation rate is up. not down. it's a healthy job market. inflation is moving in the right direction. we all know that. three-month annualized pce, 2.3% almost where the fed wants it to be and growth is solid. looks to be in the 2%-plus range right now. so very healthy environment. soft landing intact. is the recession ri

joining us to discuss all of that, senior chairman roger altman. great to see you. been asking a lot of guest about last week's growth scare and i wonder if this one seemed more interesting, more dramatic in any way? >> no. the soft landing scenario is just fully intact. look at the retail sales figure we just saw. real consumer spending running about 3% year over year which is impressive. walmart, 4.2%, same-store sales growth, that is remarkable. unemployment claims moving down, manufacturing is slightly up and of course, we are looking at the fed finally making a turn, making the case for three cuts between now and the end of the year is a strong case. 25 basis points each time, we will see. that will be data dependent. of course the markets themselves have recovered entirely as you guys have been saying. the losses from a week ago, the fix is back to 15. 10 year treasury is about 390, not sure how you could have a more benign macroeconomic scenario if your goal is a soft landing. what are the flaws? it's hard to find any. >> some may point to just crossing now t

roger mcnamee joins us now. first up, do you -- what do you think of open ai? do you trust sam altman? >> not a bit.nt when you were talking about nvidia. to me, vidia, the company, it deserves to be in whatever hall of fame we have for the technology has, and they have gotten the gross margins on the back of generative ai and other important trends in silicon valley. i like to distinguish, as you know, david, between stocks and companies. right now the issue that nvidia faces, which i think is going to be the issue faced by everybody in generative ai, is that the promise of ai has gotten way out in front of the results, and as deirdre just pointed out, you know, sam altman would like to raise money, $100 billion valuation off of the billion dollar revenue, and that's fine, and somebody needs to ask the question of how long do we wait for enterprise applications to show productivity and value to customers? because at the moment, co-pilot seems to have difficulties in that regard. i think there's a big promise that companies like salesforce where they still have to deliver, and from an investor point